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P&G starts fiscal year strong, but soaring dollar will sting
Why is the strong dollar wreaking havoc on the market?
Phil Blancato and Ann Berry provide insight on the Fed’s response to rising inflation and the state of the U.S. economy on ‘Making Money.’
Procter & Gamble exceeded $20 billion in sales during the fiscal first quarter but citing the strong dollar, it said Wednesday that it expects to post its first annual sales decline since 2017.
U.S companies that do a lot of business overseas are getting hammered by a surge in the value of the dollar because they must convert overseas sales back into dollars before reporting their financial performances in the U.S. Not only does a strong dollar decrease the value of those sales, it also gives foreign competitors a price edge in the United States.