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The effect of the strong dollar for most of the year is clear.
3M blamed slowing growth in the United States and the strong dollar for the shortfall.
Those who accuse the Chinese of pursuing a cheap-yuan policy forget that during the East Asian crisis China did not devalue, although almost all its neighbours did.The opportunity to flyLast year the Chinese were unlikely to let the yuan rise by much against a strong dollar, for fear of making their exports much less competitive all round.
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The company reported second-quarter sales fell 3.2% to $20.37 billion, citing lower volume and a stronger dollar for the results.
Over the last week, there has been a steady stream of statements backing the need for a strong dollar from administration officials and, perhaps more crucially, from Ben S. Bernanke, the chairman of the Federal Reserve.
THE strong dollar, which for many years has helped keep inflation low and foreign vacations cheap, is weakening.
If you grant IBM latitude, and allow it to adjust both for the impact of a strong dollar, and adjusted for divested business units, the firm had a much slimmer 1percentt retraction of top line.
"There's a strong belief that a strong dollar is good for everyone because it makes imports cheaper," he said.
Those investors seem to believe, in other words, that today's strong dollar will persist for another 10 years.
"I would like very much to hear U.S. Treasury Secretary Henry Paulson repeat loud and clear that a strong dollar is good for the American economy," said Christine Lagarde, France's finance minister, in an interview last week with a business newspaper, Les Echos.
Its shares are bucking the weak market and strong dollar, typically negative for commodity prices.
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