41.   Lower U.S. rates reduce the return offered to investors on dollar-denominated deposits and therefore typically make the U.S. currency less attractive.

42.   Lower U.S. rates typically make the dollar less attractive by reducing the return investors get for holding the U.S. currency.

43.   Low Japanese rates reduce the returns investors can get for yen-denominated deposits.

44.   Low Japanese rates should hold the dollar up because they undermine the yen by reducing the returns investors can get on yen-denominated assets such as bank deposits.

45.   Low Japanese rates undermine the yen by reducing the returns investors can get for holding yen-denominated assets.

46.   Low rates in Japan reduce the returns investors can get from holding yen-denominated assets, such as bank deposits.

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

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

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

50.   Lower German rates reduce the returns investors can get for holding mark-denominated deposits, prompting them to sell marks for other currencies in search of better returns.