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The Effect of International Currencies upon U.S. Stock Prices
Academic journal article from Journal of International Business Research, Vol. 8, No. 2
Beginning of article
ABSTRACT
Over they ears, the literature has demonstrated that the earnings of many non-US companies have been sensitive to the US dollar. Since earnings are a prime determinant of stock prices, then stock prices are also currency sensitive. All firms are exposed to foreign currency risk in today's global economy. This study takes an opposite approach to the literature and investigates the association between eight non-US currencies and US stock prices as reflected by the Dow Jones Industrial Average and the Standard and Poor's 500 Stock Index.
The results show that even though various currencies exhibit significant relationships with stock prices at times, the impact is …
