Firm "X" is a U.S.-based MNC expecting cash inflows of 1 mill euros and cash inflows of 1 mill Swiss Francs in 1 year. These two currencies are highly negatively correlated in their movements against the dollar (i.e. when the euro strengthens against the USS, the Swiss franc weakens against the US$; and when the euro weakens against the US$, the Swiss franc strengthens against the US$). Firm "Y" is a U.S. based MNC expecting cash outflows of 1 million euros and cash inflows of 1 million Swiss Francs in 1 year. Which firm has a higher exposure to exchange rate risk, i.e., which firm's net dollar cash flows is more sensitive to exchange rate risk? firm firm "Y firms and have about the same level of exposure. neither firm has any exposure