Strength of U.S. Dollar in Relation to the Exchange Rate.
There is no question that most people consider a "strong dollar" to be an overall good thing. After all, it just feels good to change one's U.S. dollars for Canadian ones, for example -- it makes one feel ahead of the game before setting foot outside of the exchange building. However, as joyful as one might feel in the initial stages of shopping euphoria when abroad in a weaker currency climate, the reality of just what that strength really means is a bit more complex.
When the U.S. dollar gains strength, its value rises in comparison to other currencies. Of course, at least on some levels, and in broad terms, this results in the ability of American dollar holders to buy an increased amount of a given foreign currency -- which in turn results in a drop in overall prices from the countries trading in the weaker currencies. Further, in many cases, reduced prices on products coming from weaker currency nations can actually help to keep the rate of inflation down. (ChicagoFed, 2004).
Interestingly, however, there is a flip side to the strengthening dollar -- and that is the negative toll it takes on the ability of U.S. companies to compete in weaker markets. Although the American consumer can buy foreign goods at a cheaper price, so can other consumers from other nations. Thus, the demand for U.S. products drops, the influx of foreign visitors falls with their ability to benefit from currency exchange, and the willingness...
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