Leaders on Wall Street are beginning to complain on their corporate earnings calls about the strong U.S. dollar being a drag on profits, especially regarding foreign markets.
The U.S. dollar has made gains against many of the major global currencies over the last few months, and is hitting its highest level since 2020 as the Federal Reserve announced further interest rate hikes.
The dollar is now up 11 percent versus the euro, with the exchange rate between the two currencies hitting parity for the first time in two decades.
It is also up 13 percent against the British pound, 20 percent against the Japanese yen, and 6 percent against the Chinese renminbi….