Given the current landscape, with central banks in the U.S., Europe, the U.K. and now Japan executing various methods of quantitative easing, Koester warns that companies need to be more mindful than ever of the real-time impact of foreign exchange fluctuations on their bottom line.

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The standard line from the academic literature is that central bank intervention in foreign exchange works only when it's in line with the fundamentals - and even then, only when lots of central banks work together.

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The supply of dollars on the foreign exchange market is reflected in debits (above the line) in the balance of payments.

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