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To: GraceZ who wrote (267119)	11/13/2003 11:50:29 AM
From: zonder	Read Replies (1) \| Respond to of 436258

I do :-) As far as countries go, main beneficiary could be EU, if EUR gets reserve currency status as a result, especially if they get their trade sanctions next month after yesterday's WTO finding against steel subsidies in the US. A better analysis would of course look into a wide variety of different stuff which I don't have the time for now. But I would be very interested to hear your view on this if you have already looked into the issues.

To: GraceZ who wrote (267119)	11/13/2003 9:59:15 PM
From: Mark Adams	Respond to of 436258

Well I think the real question is, which countries benefit from a falling US dollar? That turns out to be a very complex question. I hear the S&P/DJI are flat this year for Canadian citizens who wish to repatriate their investments into local currency. Silver lining? The stronger CDN dollar may kick off a investment boom as imported capital asset prices have dropped. EuroZone/China and pretty much everyone but Indonesia, the Arabs & the US win, with lower oil/energy prices in local currency terms. Extending that- pretty much every big commodity user wins. Commodity producers lose, to the extent they have mismatches in revenue/costs or assets/liabilities. Some countries, like Australia, may tell you they've moved up the value chain, so the stronger AUS dollar won't bite as much. What about balance sheets? Past 'adjustments' to various countries 'International Investment Positions' illustrates complex changes tied to forex shifts. You could look at current data, reverse the impacts of a stronger dollar, to gain some perspective.