Below are examples of statements from the annual reports of companies reporting constant currency. Assume the prior year was the reference year.

A. Hewlett Packard Enterprise reported that net revenue decreased by $2.2 billion, or 7.4% (decreased 6.4% on a constant currency basis), in fiscal 2020 as compared to fiscal 2019. HP Enterprise computes constant currency assuming the previous year’s exchange rate is constant. Did the direct exchange rate (on average) increase or decrease from 2019 to 2020 and explain your answer?

B. Netflix Inc. reported “For the year ended December 31, 2020, our revenues would have been approximately $596 million higher had foreign currency exchange rates remained constant with those for the year ended December 31, 2019.” Did the direct exchange rate (on average) increase or decrease from 2019 to 2020 and explain your answer?