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What Corporate CEOs Are Saying About The Soaring Dollar

On the one hand there is the (self-admitted) persistently over-optimistic Fed saying it's not a big deal:


And on the other hand, this is what actual CEOs are saying...

PPG 1/15 - "The company expects that year-overyear currency translation will unfavorably impact sales"


United Continental  1/22 - "While a strong dollar is good for our fuel purchasing, it reduces the revenue received from international ticket sales."


JNJ 1/20 - "...If currency exchange rates were to remain where they were as of last week for the balance of the year then our sales growth rate would decrease by nearly 5.5%"


American Express 1/21 - "We, like many other global companies, had a significant negative impact on our growth rates this quarter from the strengthening U.S. dollar."


United Rentals 1/22 - "The Canadian dollar has been weakening pretty consistently...  that would be another 6% or so year-over-year headwind from the currency going down. So that’s a non-trivial amount of revenue that could erode."


Kansas City Southern 1/23 - "If the peso continues to deteriorate... we will see additional headwinds"


MMM 1/27 - "in tough environments and fighting through tough headwinds... That includes a stronger U.S. dollar, which reduced fourth quarter sales by more than 4%"


DuPont 1/27 - "macroeconomic and market headwinds including a weaker ag economy, stronger dollar...  the dollar continued to strengthen against most currencies, impacting segment results"


Danaher 1/27 - "The strengthening of the U.S. dollar since our December investor meeting is expected to reduce 2015 earnings by approximately $0.10 per share."

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HHmm.. who do you believe? The Fed or The CEOs?