When it comes to earnings for the U.S. corporate sector, sentiment around the impact from changes in the value of the dollar seems to be somewhat asymmetrical. When the dollar is strong, investors are told it was a major headwind to earnings, but when it is weak and acts as a tailwind its impact is often ignored. Any improved earnings performance typically gets put down to the company’s wonderful products, sales execution, and efficiencies. With corporate earnings season once again upon us, in this report, we highlight three areas that likely helped to support earnings this past quarter: the dollar, pricing power, and productivity.

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