Procter & Gamble's earnings include a familiar refrain. The strong dollar is creating big headwinds.

Procter & Gamble’s fiscal first-quarter earnings included a familiar bugbear for multinationals. The strong dollar is creating some big headwinds.

The dollar has strengthened considerably in those few months, as a spike in Treasury yields has boosted its value relative to other currencies. The Federal Reserve’s higher-for-longer approach to interest rates is expected to continue to support the greenback for at least the next few months. The dollar index DXY, which measures its strength against a basket of currencies, has climbed 6.3% since it closed at a 15-month low on July 13.

The strong dollar hurts companies like P&G that compete all over the world as it reduces the amount they receive when they repatriate cash from weaker-currency countries.P&G had some positive news for its outlook, however.

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