Kyriba's "Currency Impact Report" released earlier this year found that in Q3/2021, North American businesses mostly experienced "tailwinds"—swings in foreign exchange (FX) that increased their earnings per share by 4 cents on average. Treasury & Risk spoke with Kyriba's chief evangelist, Wolfgang Koester, about what that result should mean for corporate FX strategy.

In the first part of the conversation, Koester worried that because the FX impacts were mostly positive in the third quarter, companies might ignore the near certainty that currencies will soon swing in the other direction. He expressed that inflation and global uncertainty will likely strengthen the U.S. dollar.