Is a weaker dollar really that much of a boon for US earnings? My thought here is that most of the benefit would flow through OCI (translation of foreign subsidiary) rather than Net Income (remeasurement). And I’m doubtful many Wall St analysts care about OCI (not used in EPS calc). Am I wrong in the assumption that large multinationals would primarily have translation instead of remeasurement?

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A weaker dollar makes our exports more competitive internationally, and imports more expensive in the US. In theory both would benefit US earnings.

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This, it's less about the accounting of it, and more about the economics of it (supply/demand). Though it's a bit harder to quantify just how much of the increased sales is due to this, as you'd have to compare to the alternate reality where the exchange rate stayed the same. The benefits are essentially a macroeconomic estimate.

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