A Strong Dollar Is Wall Street’s Newest Scapegoat for the Drag on Profits

Since the Chinese Communist Party cracked down on Chinese stocks, the capital fleeing China has accelerated. This photo shows a bank teller counting stacks of US dollars and Chinese 100-yuan notes at a bank in Hefei, Anhui province, China. STR/AFP/Getty Images

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.