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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Procter & Gamble earnings: What to expectP&G is expected to report higher profit and revenue for its fiscal first quarter
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Procter & Gamble earnings are out – Here are the numbersProcter & Gamble’s shares have fallen 3.7% this year, dragging its market value down to $344 billion.
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Procter & Gamble tops earnings, revenue estimates even as volume falls againProcter & Gamble’s shares have fallen 3.7% this year, dragging its market value down to $344 billion.
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Procter & Gamble’s stock up after earnings beat estimatesCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
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Procter & Gamble tops earnings, revenue estimates even as higher prices drive some consumers awayProcter & Gamble’s shares have fallen 3.7% this year, dragging its market value down to $344 billion.
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