Word: euros
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EUROPE: HOLD ON It's the euro that has so far borne the brunt of the dollar's decline: it rose about 10% last year against the greenback. A stronger currency makes European exports more expensive for foreign buyers. But that hasn't prevented Germany from notching up its biggest trade surplus since the fall of the Berlin Wall 16 years ago. The good news is that buoyant exports have boosted business confidence in Europe's biggest economy and led to an unexpectedly strong increase in domestic demand. German companies appear to be hiring again: in December the number...
...country or a company depends to an important degree on the U.S. for its livelihood, you might think that recent financial events there would amount to very bad news indeed. America's economy flagged in the second half of last year and the dollar has dropped sharply against the euro and other currencies, making exports to the U.S. less competitive. Yet Nicola Leibinger-Kamm?ller, for one, is still smiling...
...EUROPE'S OVERDUE REVIVAL Thailand's latest crisis was partly the result of a 16% increase in the value of the baht against the dollar during the first 11 months of 2006. But the euro and the pound sterling have also strengthened, with the E.U. currency rising by about 10% in the past year alone. A stronger currency makes European exports more expensive for foreign buyers. But that didn't prevent Germany from notching up a $200 billion trade surplus in the first 11 months of last year, the largest since the fall of the Berlin Wall. The good news...
...There are still big questions about how sustainable Germany's upturn is, and whether it will be able to pull the rest of Europe with it. Growth in the 13 nations that have adopted the euro is expected to be 2.6% in 2006, an unusually strong showing for the continent. The European recovery is uneven, though, with Italy and France faring less well. And Germany has only begun to tackle some of the politically unpopular reforms of its health, pension and labor systems that economists say are needed to boost long-term growth. Still, "Europe is going to have...
...Nicola Leibinger-Kamm?ller, the chief executive of machine-tool firm Trumpf, certainly hopes so. The euro's current exchange rate of about $1.30 is painful "but not existential," she says, as the firm has used currency transactions to hedge against the risk of a weaker dollar. Trumpf's strong sales growth is in large part the fruit of geographical diversification by the company: it established a subsidiary in the U.S. way back in 1969 and opened an office in Japan eight years later. It's currently investing in facilities in the Czech Republic, Mexico and South Korea. "Our main competition...