31.   Higher sterling means exporters make less profit once their mark or franc sales are converted into sterling.

32.   Hoogovens benefits from a strong dollar because it receives more guilders when it converts its dollar sales.

33.   It also means companies get more pounds when they convert their dollar sales into sterling.

34.   It also means more profits when sales are converted into francs or deutsche marks.

35.   It also means the company gets fewer kronor when it converts the sales it does get from the foreign currency into the Swedish currency.

36.   It also means each dollar sale can be converted into more yen.

37.   Oil and natural gas prices are denominated in U.S. dollars and Canadian companies convert those sales into Canadian dollars when bringing the profit home.

38.   That makes German products more expensive and translates into lower earnings when sales are converted into marks.

39.   The lower value of the yen means Konica can buy more yen when it converts sales made in dollars into its home currency.

40.   The lower dollar makes German aerospace products more expensive and translates into lower earnings when sales are converted into marks.