I’m not saying that the dollar will get stronger. (I expect it to flounder and perhaps even weaken a bit more.) I’m merely saying that in all likelihood the majority of the benefit that US-based multinationals get from dollar depreciation has already occurred, so the benefit going forward will be diminished. (That is, the dollar is declining at a decreasing rate – negative first derivative, negative second derivative in calculus terms.) Does that make more sense?
