In the past year the value of the US dollar has risen against most major currencies, driven by low oil prices, the relative strength of the US economy, expectations of tighter US monetary policy, and the easing of monetary policy in Europe and Japan.
For luxury goods companies, the strength of the dollar has meant increased purchasing power for US consumers and higher import prices for consumers in other countries, especially those in emerging markets.
However, the dollar has retreated since the start of 2016, providing relief to emerging markets that had boosted their own interest rates in response to dollar strength.
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