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Just as US companies are reporting results, damage from dollar is quite evident.
- The rise of Dollar has cut nearly $29bn from sales at 850 North American companies in the first three months of the year, which is 57 per cent more than in the final quarter of 2014.
Previously more than 275 companies have highlighted dollar as a damaging factor and now it seems that it is likely to keep damaging in the coming quarters.
Since last year Dollar index, rose sharply against major counterparts. In last one year it is up more than 20% whereas it has appreciated 7% so far this year.
- Revenues at S&P 500 companies fell 2.3 per cent in the first quarter from a year earlier, and in the second quarter, sales are expected to fall 3.6 per cent.
Most of the companies have been blaming weaker Euro against dollar, however Japanese Yen, Russian Rouble, Brazilian Real all are to be causing some damage.
- More than 142 companies have blamed weaker Euro behind the wreck.
The chart from Financial Times show that S&P 500 companies take hit in tune of 8 cents EPS due to stronger dollar.
