Globalization exposes labor markets to international fluctuations. Using Current Population Survey data for the period 1976 through 2000, we show that exchange rate movements influence the wages of U.S. workers across manufacturing and non-manufacturing industries. When averaged across appreciation and depreciation periods, and across all workers, the overall impact of exchange rate movements on wages appears modest. However, for specific groups of workers the wage effects can be very large. Moreover, these effects are asymmetric across appreciation and depreciation periods, and across workers who remain employed versus those that transition between jobs. The least educated workers experience significant wage declines during dollar appreciations and at times of job transitions. By contrast, the most educated workers who remain with their same employer experience wage gains when the dollar appreciates. We find that the effects of exchange rates on the incidence of job changing are secondary in importance to the effects via the wage consequence of job changing. Our analysis shows that more than half of the change in the skill premia in the labor market over the period from 1980 to 1995 can be attributed to changes in the strength of the dollar.