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Bottom line

U.S. traders and investors were happy when last week ended and a long weekend began. The dollar needs a respite so that factors forcing its decline can be sorted out. From the U.S. perspective, a falling dollar makes exports more competitive in world markets. It also enhances the profits of companies engaged in business overseas. Growth in the United States continues to be stronger than elsewhere, lifting the nation's imports and, importantly, the exports of overseas economies. Germany's positive growth in the first quarter was due solely to exports. But from the European perspective, a rising euro adds to nagging inflation doubts and serves to limit the price competitiveness of exports. Dollar bashing remains a two-edged sword.

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