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- Dollar has strengthened against most of its counterparts across world. Dollar index has appreciated nearly 25% against basket of currencies.
- With 22 around central banks around the world sought to ease policy this year contrary to Federal Reserve of US has further aggravated the fall.
US companies to face pain -
- Energy advantage of the US companies has somewhat diminished as price fell across globe.
- Current global currency cooperation is quite fragile, as for many economies it is like a race that who can depreciate more against dollar with monetary stimulus. If such remains impaired the situation would exacerbate further.
- The stronger U.S. dollar has hurt exporters and could dampen their investment plans for next year, top business executives said in a new survey.
- Two out of three big U.S. exporters, with at least one-fourth of their total sales overseas said the appreciation of the dollar has had a negative impact on their businesses.
- Nearly 25% of the big exporters said that they have reduced plans for capital spending.
- US policy makers have cried and shouted against competitive devaluation namely in China but as it turns out to be latest groove across world it would become ever more difficult for US companies and lawmakers to win battles at international battles at WTO.
- This time around the pain is not only for direct exporters but multinationals like Kellogs, KFC, Kraft foods, Coca cola as their revenue would fall when converted to US dollar.
- Royalty payments would get hurt too.
In spite of being positive over US economy, strong dollar is nevertheless to put pressure on stocks and companies' earnings.
SPX 500, currently trading at 2057, is expected to continue to lag its European and Japanese counterparts.
