31.   Lower U.K. rates reduce the return investors get on sterling-denominated assets and typically make the pound less attractive.

32.   Lower German interest rates reduce the return investors get for holding marks and typically make the German currency less attractive.

33.   Lower German rates reduce the return investors get on mark-denominated deposits and typically make the mark less attractive.

34.   Lower German rates reduce the return investors get on their mark-denominated deposits and make the German currency less attractive.

35.   Lower German rates undermine the mark by reducing the returns investors can get on mark-denominated assets such as bank deposits.

36.   Lower Japanese rates reduce the return investors get on yen-deposits and typically make the Japanese currency less attractive.

37.   Lower rates in Germany or Switzerland would reduce the return investors get for holding deutsche marks or Swiss francs and therefore make the dollar relatively more attractive.

38.   Lower rates reduce the return on cash and usually spur money managers to switch to stocks from bonds in anticipation of higher corporate earnings and dividends.

39.   Lower rates would reduce the return on German deposits and could hurt the mark.

40.   Lower U.S. rates reduce the return investors get for holding dollars and typically make the U.S. currency less attractive.