Currency Swings Shave $29 Billion off of Profits

In Q4/2022, global FX markets were costly for North American companies, but less so than in Q3/2022. Swings in global foreign exchange (FX) markets cost the companies about $28.9 billion in the last three months of 2022, according to Kyriba Corp. That puts the total amount of North American corporate profits lost due to currency moves last year at $121 billion.