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The Weak Dollar: Economic Power Catalyst or 'Slight Positive'?

The U.S. dollar inched lower Wednesday -- as the euro approached its historic high. What does the transatlantic currency gap mean for America's economy? "Upside surprises," for one thing. David Gilmore, partner at Foreign Exchange Analytics, and Robert Lynch, currency analyst at HSBC, joined "Morning Call" to explain why the ever-weaker dollar may boost parts of the U.S. economy.

Gilmore advised CNBC's Liz Claman to "look at corporate earnings." Many analysts had expected earnings to come in at lower single digits, he said, but thanks to firms like Pfizer that gain much of their revenue overseas, many multinationals have enjoyed currency-based "upside surprises."

He noted that the weaker dollar is also helping U.S. exports -- and "if you're in the service business in New York City, you'll see benefits" from European tourists spending "their strong euros."

Lynch agreed that U.S. exports are seeing a "slight" advantage at the margins. However, he added a caveat: If the dollar's decline continues, "economists will worry" about the negative impact on foreign confidence in U.S. financial assets. But Lynch added that it would take "significant acceleration of decline" for that to happen. For now, he said, the currency gap has rendered "net-net a slight positive" for the U.S.