The global currency war continues to rage. Competitive devaluation on nearly every continent continued to significantly impact U.S.-based multinational corporations in the first quarter of 2013 – to the tune of at least $3.67 billion in revenue losses – according to FiREapps' latest Corporate Earnings Currency Impact Report. Currency battles that began in Asia have incited battles in Latin America, as the ripples from competitive devaluation in the world's third-largest economy spread across the ocean.
In the first quarter, FiREapps saw significant negative impacts from the yen, and from a number of Latin American currencies as well. FiREapps also found that mid-cap companies – those with revenue between $500 million and $2 billion – were hard-hit as well, most significantly by the yen.