Don't assume dollar strength ensures a worsening of America's export performance in coming months. Economist Mitchell Held of Smith Barney, Harris Upham & Co. notes that the greenback's rise has been concentrated against European currencies. And Europe takes less than 30% of U.S. exports, while "70% go to nations where the dollar's recent rise has been tepid, at best." Canada accounts for 20% of U.S. exports, for example, and the dollar is actually down against its Canadian counterpart this year. As for the two next largest importers of U.S. goods, the dollar is up only 3% against the Japanese yen and 2% against the Mexican peso.
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