Thedollarhas been mixed in the past month against currencies from some fast-growing emergingeconomies, and some investorsexpect those currencies tostaystrong.
Sales in southern Europe - including Italy and Greece - fell 8% but remained profitable, while in northern Europe they rose 11%, reflecting the mixed fortunes of the various eurozone economies.
In the big emerging economies the ideal is to have a mixed banking system with a big state presence, some perky private banks, and a few foreigners to keep the locals honest.