A surging dollar and weakness abroad whacked North American corporate profits by an unprecedented amount in the second quarter, foreshadowing an even worse hammering this earnings season.

Currency volatility cost North American companies $34.3 billion in the April-to-June period, the highest loss on record in data going back to 2013, according to Kyriba Corp.

There are already signs that the third-quarter earnings season could be even worse, as the U.S. dollar is expected to remain strong and the risk of a global economic slowdown becomes clearer. The Bloomberg dollar index reached a record high last month.


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