How soaring greenback and plummeting pound will affect tech stocks
Volatile currency markets have prompted financial controllers at ASX-listed tech companies to begin strategising how to best profit from a soaring US dollar and a plummeting British pound, with analysts expecting the likes of Altium to enjoy a strong greenback and Xero suffering a weak pound.
At the weekend, news of the largest tax cuts since 1972 in the United Kingdom saw the pound slump nearly 4 per cent to 60 pence against the Aussie dollar, while panicked investors rushed to “safety”, pushing the US dollar 0.8 per cent higher, accelerating its jump thanks to rising interest rates.
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