Last month, Treasury & Risk spoke with Kyriba's Wolfgang Koester about that company's Q1/2022 "Currency Impact Report." The study examined the financial statements of 1,200 large public companies outside the financial services sector and found that they experienced more than US$9 billion of currency tailwinds in Q3/2021, a trend that increased their earnings per share (EPS) by an average of 4 cents for the quarter.

Late last week, Kyriba released its Q2/2022 "Currency Impact Report," based on corporates' reporting of Q4/2021 earnings. This latest analysis shows that by the end of last year, the currency winds had taken a fairly dramatic turn for the worse.

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