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Foreign exchange (FX) continues to have a significant effect on corporate earnings in developed economies. The degree to which currencies are impacting earnings has moderated since early 2019, but North American companies experienced a total of more than $11 billion in currency headwinds in the third quarter of 2019.

This is the headline news from the latest edition of Kyriba’s (formerly FiREapps’) quarterly “Currency Impact Report.” The company reviewed earnings calls from approximately 1,200 large, publicly traded multinationals based in North America and Europe. Among those organizations, 296 reported that FX issues had reduced their earnings in Q3/2019, and 269 quantified that reduction.

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