Brexit is still sending shock waves through the $5.3-trillion-a-day currency market—and that's bad news for multinational companies, according to FiREapps.
Earnings in North America will probably be cut by a record $35 billion to $40 billion in the second or third quarter as businesses gauge the impact of the U.K.'s vote to leave the European Union, said FiREapps, which makes software to help firms reduce the effect of foreign-exchange swings.
The Brexit-related headaches follow a period in which companies had a brief respite from currency volatility. Foreign-exchange moves hurt company results by about $20 billion in the first quarter in North America and Europe, down from $36.9 billion in the fourth quarter of 2015, FiREapps data show.
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