Every quarter, Kyriba analyzes the effects that currency movements have had on the financials of large multinationals based in North America and Europe. It determines those effects by reviewing transcripts of the companies' earnings calls. Kyriba's latest study, "February 2024 Currency Impact Report," covers 1,700 publicly traded organizations' earnings calls from the third quarter of 2023.

According to this research, 22.8 percent of the multinationals quantified currency impacts to their Q3 financials, including US$13.92 billion of tailwinds (positive impacts) and $16.01 billion in headwinds (negative impact). It's worth noting that this represents a 20.5 percent decrease in the total negative currency impact reported, compared with Q2/2023. The euro was the currency most frequently mentioned as impactful in the third quarter.

To better understand what this means for corporate treasury teams, Treasury & Risk talked to Andy Gage, senior vice president of foreign exchange (FX) solutions and advisory services at Kyriba.