CJ,
I think there's another factor too. Psychological. In 1999 the US dollar had been rising from a lesser exchange rate against most currencies. Since rates are relative what seems "strong" or "weak" is often in reference to where it has been recently. On this date in 1999, the US dollar to Australian dollar conversion rate was the same as it is today within a penny.
$1.51 per dollar today seems poor when compared to $1.80 a year ago. The $1.59 exchange rate of 1998 seemed good compared to the $1.30 rate in 1997.
If I were a non-US webmaster getting paid in dollars I'd want a strong dollar. No doubt about it.
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