In January 2007, before the financial crisis, the exchange rate was $1.30 per euro. In July 2008, during the financial crisis, the exchange rate was $1.58 per euro. Was this change in the dollar-euro exchange rate good news or bad news for U.S. firms exporting goods and services to Europe? Was it good news or bad news for European consumers buying goods and services imported from the U.S.? How about for U.S. consumers looking to buy goods and services made in Europe? Explain your answers.