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Ford braced for $600 million Brexit currency hit

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Ford braced for $600 million Brexit currency hit in 2017

Ford braced for $600 million Brexit currency hit in 2017

Ford‘s 2017 earnings will be hit by a delayed currency impact of at least $600 million from Britain’s referendum vote to leave the EU, the U.S. carmaker told Reuters on Friday, putting last year’s record European profit levels beyond reach.Currency hedges that had shielded Ford from the pound’s slump following the June 23 Brexit referendum are expiring in the first three months of 2017, Ford of Europe boss Jim Farley said in an interview.”When Brexit happened we were fully hedged for the first quarter with the stronger pre-Brexit exchange rate,” Farley said.
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Ford braced for $600 million Brexit currency hit

Ford braced for $600 million Brexit currency hit

– By Laurence FrostPARIS (Reuters) – Ford‘s 2017 earnings will be hit by a delayed currency impact of at least $600 million from Britain’s vote to leave the European Union, the U.S. carmaker told Reuters, putting last year’s record European profit levels beyond reach.The company will no longer benefit from currency hedges that had been shielding it from the pound’s slump since the June 23 referendum, Ford of Europe boss Jim Farley said on Friday.”When Brexit happened we were fully hedged for the first quarter with the stronger pre-Brexit exchange rate,” Farley said.
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Ford braced for $600 million Brexit currency hit

Ford braced for $600 million Brexit currency hit

– Jim Farley, executive vice president and president of Ford EMEA poses next to the new Ford Vignale car at the 86th International Motor Show in Geneva, Switzerland, March 1, 2016.REUTERS/Denis BalibousePARIS Ford’s (F.N) 2017 earnings will be hit by a delayed currency impact of at least $600 million from Britain’s vote to leave the European Union, the U.S. carmaker told Reuters, putting last year’s record European profit levels beyond reach.The company will no longer benefit from currency hedges that had been shielding it from the pound’s slump since the June 23 referendum, Ford of Europe boss Jim Farley said on Friday.
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