Dollar’s stubborn strength dents US companies’ earnings cheer

U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoNEW YORK, May 10 -

The strong dollar "has caused a lot of consternation," said Andrew Gage, senior vice president at treasury and finance solutions firm Kyriba. "CFOs are asking their treasury teams to be much more diligent in managing the risk that comes from that strong dollar." "Nearly all FX practitioners were expecting the dollar to be weaker this year with the anticipation of lower U.S. interest rates," said Amo Sahota, director at foreign exchange risk management firm Klarity FX in San Francisco. "Corporates were licking their lips, essentially waiting for that to play through."

"Towards the end of the first quarter, we did see some complacency on the hedging front. Currency volatility fell to a multi-year low, which led to a lack of a sense of urgency," said John Doyle, head of trading and dealing at Monex USA in Washington. "However, we have seen a recent uptick in hedging over the past month and a half."

Source: News Formal (newsformal.com)

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