In the past couple of updates on the performance of currency - neutral funds, we found that these funds do not quite live up to the expectation of removing the effects
of currency fluctuations for a modest cost.
The ETF hedges its exposure to U.S. dollars to minimize the impact
of currency fluctuations for Canadian investors.
Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential
for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences
for business aircraft, including the effect
of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result
of global economic uncertainty or otherwise; 8) the effect
of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including
fluctuations in foreign
currency exchange rates; 9) the success and timely execution
of key milestones such as the receipt
of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals
for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse impact on the demand
for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact
of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price
for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect
of changes in tax law, such as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate
for our additional capital needs or
for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control over financial reporting; 29) the outcome or impact
of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition
of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions
for ourselves and Asco as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including
fluctuations in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
The Swedish company said it expected revenue
for the second quarter
of between 1.1 billion and 1.3 billion euros, up 10 percent to 29 percent year on year, including foreign
currency fluctuations.
Such risks, uncertainties and other factors include, without limitation: (1) the effect
of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions,
fluctuations in commodity prices, interest rates and foreign
currency exchange rates, levels
of end market demand in construction and in both the commercial and defense segments
of the aerospace industry, levels
of air travel, financial condition
of commercial airlines, the impact
of weather conditions and natural disasters and the financial condition
of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization
of the anticipated benefits
of advanced technologies and new products and services; (3) the scope, nature, impact or timing
of acquisition and divestiture or restructuring activity, including the pending acquisition
of Rockwell Collins, including among other things integration
of acquired businesses into United Technologies» existing businesses and realization
of synergies and opportunities
for growth and innovation; (4) future timing and levels
of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability
of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope
of future repurchases
of United Technologies» common stock, which may be suspended at any time due to various factors, including market conditions and the level
of other investing activities and uses
of cash, including in connection with the proposed acquisition
of Rockwell; (7) delays and disruption in delivery
of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits
of organizational changes; (11) the anticipated benefits
of diversification and balance
of operations across product lines, regions and industries; (12) the outcome
of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact
of the negotiation
of collective bargaining agreements and labor disputes; (15) the effect
of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect
of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and
currency exchange rates in the near term and beyond; (16) the effect
of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act
of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability
of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition
of conditions that could adversely affect the combined company or the expected benefits
of the merger) and to satisfy the other conditions to the closing
of the pending acquisition on a timely basis or at all; (18) the occurrence
of events that may give rise to a right
of one or both
of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee
of $ 695 million to United Technologies or $ 50 million
of expense reimbursement; (19) negative effects
of the announcement or the completion
of the merger on the market price
of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation
of their businesses while the merger agreement is in effect; (21) risks relating to the value
of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability
of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
«So, yes, we deal with the tedium
of time differences,
currency fluctuations, regulation, complex tax constructs and a shipping industry that has very little time
for small entrepreneurs like ourselves.
This is a far less volatile way
of doing things than using exchange rates:
for example, the price
of a hamburger doesn't jump 27 % simply because
of currency fluctuations.
Last year PepsiCo delivered 4 % organic revenue growth (the company's favorite non-GAAP metric, it removes the effects
of acquisitions and
currency fluctuations)
for the second year in a row.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital markets conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations
of the Company or its customers and suppliers; (2) the Company's credit ratings and its cost
of capital; (3) competitive conditions and customer preferences; (4) foreign
currency exchange rates and
fluctuations in those rates; (5) the timing and market acceptance
of new product offerings; (6) the availability and cost
of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact
of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation
of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10 - K
for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
For the first quarter
of 2015, Ford said 70 percent
of its global revenue decline was due to the effects
of currency - exchange
fluctuations.
These risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018 financial results; Gilead's ability to sustain growth in revenues
for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement
for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures in European countries that may increase the amount
of discount required on Gilead's products; an increase in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift in payer mix to more highly discounted payer segments and geographic regions and decreases in treatment duration; availability
of funding
for state AIDS Drug Assistance Programs (ADAPs); continued
fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause
fluctuations in Gilead's earnings; market share and price erosion caused by the introduction
of generic versions
of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect
of lowering prices or reducing the number
of insured patients; the possibility
of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials in its currently anticipated timeframes; the levels
of inventory held by wholesalers and retailers which may cause
fluctuations in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits
of the Sangamo partnership; Gilead's ability to submit new drug applications
for new product candidates in the timelines currently anticipated; Gilead's ability to receive regulatory approvals in a timely manner or at all,
for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages
of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development
of Gilead's product candidates, including GS - 9620 and Yescarta in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to changes in its stock price, corporate or other market conditions;
fluctuations in the foreign exchange rate
of the U.S. dollar that may cause an unfavorable foreign
currency exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (the SEC).
A number
of factors — such as rising US interest rates, the recurrence
of big
fluctuations in global
currencies, and the widening dispersion
of equity returns across sectors and regions — may have helped to create an increasingly conducive environment
for hedge - fund strategies, which have seen a positive turnaround in performance in recent quarters.
An adjustment
for the impact
of currency exchange rate
fluctuations, which was also mandated at the time goals were established.
We do, however, anticipate entering into foreign
currency exchange contracts
for purposes
of hedging foreign exchange rate
fluctuations on our business operations in future operating periods as our exposures are deemed to be material.
In prior comments, and in pieces like Going
for the Gold and Valuing Foreign
Currencies, I've frequently noted the importance
of real (after inflation) interest rate pressures in driving commodity and
currency fluctuations.
These risks and uncertainties include:
fluctuations in U.S. and international economies and
currencies, our ability to preserve, grow and leverage our brands, potential negative effects
of material breaches
of our information technology systems if any were to occur, costs associated with, and the successful execution
of, the company's initiatives and plans, the acceptance
of the company's products by our customers, the impact
of competition, coffee, dairy and other raw material prices and availability, the effect
of legal proceedings, and other risks detailed in the company filings with the Securities and Exchange Commission, including the «Risk Factors» section
of Starbucks Annual Report on Form 10 - K
for the fiscal year ended September 28, 2014.
I'd be concerned with
currency fluctuation if I only had US stocks (I'm not optimistic
for that
currency over the short term), but with a basket
of global stocks (and hence global
currencies) I'm not very worried.
Examples
of these risks, uncertainties and other factors include, but are not limited to the impact
of: adverse general economic and related factors, such as fluctuating or increasing levels
of unemployment, underemployment and the volatility
of fuel prices, declines in the securities and real estate markets, and perceptions
of these conditions that decrease the level
of disposable income
of consumers or consumer confidence; adverse events impacting the security
of travel, such as terrorist acts, armed conflict and threats thereof, acts
of piracy, and other international events; the risks and increased costs associated with operating internationally; our expansion into and investments in new markets; breaches in data security or other disturbances to our information technology and other networks; the spread
of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes in fuel prices and / or other cruise operating costs; any impairment
of our tradenames or goodwill; our hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount
of cash to service our existing debt; restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion
of our assets pledged as collateral under our existing debt agreements and the ability
of our creditors to accelerate the repayment
of our indebtedness; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;
fluctuations in foreign
currency exchange rates; overcapacity in key markets or globally; our inability to recruit or retain qualified personnel or the loss
of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the price
of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare rates and occupancy levels at different times
of the year; our ability to keep pace with developments in technology; amendments to our collective bargaining agreements
for crew members and other employee relation issues; the continued availability
of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Commission.
Figures announced yesterday by Bord Bia, the Irish Food Board, show the value
of Irish agri - food and drink exports exceeded $ 11bn ($ 11.7 bn)
for the first time in 2016, despite a small decrease in UK exports following Brexit and
currency fluctuations.
Of the latter figure, only 6 - 8 per cent went into fresh milk, with the remaining used
for products such as cheese and butter which were subject to external
currency fluctuations.
The fixed - head 480 was once slated
for the U.S. market, but the plan was scuttled two years ago because
of currency fluctuations.
Meanwhile in the 4th quarter
for the period ending June 2017 revenues declined $ 26 million, or 6 %, compared to the prior year, driven by $ 19 million from the absence
of the additional week in the prior year, the negative impact from foreign
currency fluctuations and lower sales at the Children's division, which had bigger title releases in the prior year.
CC: Do you make any attempt to account
for currency fluctuations (ie: If $ US appears to be on upward or downward trajectory - some still think the day
of reckoning has not come
for the US and its dollar) or is F / X risk just part and parcel
of your foreign holdings and your global diversification accounts
for portfolio allocation and exchange risk?
Visa sets the rate daily
for buying pesos, but prices
for dollars may fluctuate modestly at the exchange houses over the course
of a day.Thus, most or all
of the spread is likely not due to
currency fluctuations.
There are two schools
of thought on
currency hedging: one holds that
currency fluctuations «cancel out»
for a long - term investor and the other holds that
currency fluctuations have a significant effect on equity performance and should be hedged away.
If that is is the case, the cost
of hedging (by bearing the cost
of interest rate differential) is neutralized by the
currency fluctuations for the long - term investor.
The S&P China Composite Select Bond Index, an investable index that tracks the performance
of Chinese sovereign bonds, agency bonds and bonds issued by Central State - Owned Enterprises (CSOEs) rose 7.00 %; the USD index that accounted
for currency fluctuation gained 3.04 % in the same period.
• Due to its investment strategy, the fund may make higher capital gain distributions than other ETFs Additional Risks
for ROAM: Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk
of currency fluctuations and adverse political and economic developments.
Additional Risks
for RODM: Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk
of currency fluctuations and adverse political and economic developments.
For instance, VEA holds stocks that are traded in the UK, Japan, Continental Europe and Australia etc., which are denominated in Pounds, Yen, Euro and the Australian Dollar respectively and would be influenced by the
fluctuation of the US dollar against those
currencies.
First on the back
of Northern Rock, then Bradford & Bingley, then to bring the UK in line with the rest
of Europe, then to account
for post-Brexit vote
currency fluctuations.
The Fund invests in gold and other precious metals, which involves additional risks, such as the possibility
for substantial price
fluctuations over a short period
of time and may be affected by unpredictable international monetary and political developments such as
currency devaluations or revaluations, economic and social conditions within a country, trade imbalances, or trade or
currency restrictions between countries.
If this 2.0 % tracking error is an implicit cost
of insurance
for hedging away
currency fluctuations between the U.S. dollar and the Canadian dollar, the additional drag may make it highly unlikely that a
currency - hedged U.S. ETF will outperform an unhedged U.S. ETF over the long term.
International investments involve additional risks you should be aware
of, which include differences in financial accounting standards,
currency fluctuations, political instability, foreign taxes and regulations, news that can trigger volatile conditions, and the potential
for illiquid markets.
Additional risks include exposure to less developed or less efficient trading markets; social, political or economic instability;
fluctuations in foreign
currencies or
currency redenomination; potential
for default on sovereign debt; nationalization or expropriation
of assets; settlement, custodial or other operational risks; and less stringent auditing and legal standards.
It is created
for indicators in Forex
for increasing profits from strategies to predict the
fluctuations of currency.
Haircuts applied to Permitted Cover and cross
currency haircuts (where collateral is posted in a
currency other than that
of the initial margin liability) are set to account
for the risk associated with
fluctuations of collateral asset prices.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and
currency exchange rate
fluctuations; the impact
of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Merck's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability
of international economies and sovereign risk; dependence on the effectiveness
of Merck's patents and other protections
for innovative products; and the exposure to litigation, including patent litigation, and / or regulatory actions.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and
currency exchange rate
fluctuations; the impact
of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability
of international economies and sovereign risk; dependence on the effectiveness
of the company's patents and other protections
for innovative products; and the exposure to litigation, including patent litigation, and / or regulatory actions.
Because
of exchange rate
fluctuations, your BRG claim generally must be submitted using the local
currency (i.e.
for a hotel in Hong Kong, you must compare rates in HKD and not USD).
HRG is not responsible
for currency fluctuations and foreign transaction fees, nor does it guarantee the Canadian equivalent
of the purchase will be the same, as this is beyond our control.
Because
of currency fluctuations, some people may end up paying slightly more
for some software than others.
For example, many EU clients have profound fears and will need reassuring, while a number of other immediate uncertainties could bring benefits or extra costs — for example, short - term currency fluctuatio
For example, many EU clients have profound fears and will need reassuring, while a number
of other immediate uncertainties could bring benefits or extra costs —
for example, short - term currency fluctuatio
for example, short - term
currency fluctuations.
For each conversion, i.e. the withdrawal
of cryptocurrency into fiat
currency, you accept that you are selling digital content the value
of which is subject to market
fluctuations.
While bitcoin has become more
of a mainstream investment in recent years, it still has something
of an outlaw reputation among regulators who are wary
of the digital
currency's history
of wild price
fluctuations and its popularity
for use in criminal activities.
Amid these
fluctuations, the digital
currency's price rose to as much as $ 942.06 on 8th January and declined to $ 752.11 on 11th January before trading between reasonably tight ranges
for most
of the week's remainder, according to the CoinDesk USD Bitcoin Price Index (BPI).
While it would be easy to infer that the price
fluctuation of bitcoin is the reason
for the trading stoppage on the popular digital
currency exchange, but Coinbase said it has to do with «today's high traffic.»
Mr. Wenshen asserts that many
of the world's national
currencies have gone through numerous periods
of considerable volatility throughout history, claiming that political instability led to dramatic price
fluctuations for many sovereign
currencies prior to 1973.
Large
fluctuations in the price
of the
currency, as well as rocketing transaction fees, have caused officials to push
for a prompt sale
of the coins.
Our straightforward system makes it easy to hedge your bitcoins against major
currencies for peace
of mind and security against Bitcoin price
fluctuations.