Learn the stock market › Why does a stock move? › Lesson 8 of 9
Currency and stocks
A real comparison
From Nov 6, 2025 to Nov 6, 2026 the dollar went from 9.55 to 9.81 Swedish kronor, a change of +2.7%. Here is what that meant for three US companies, with dividends.
| Company | In dollars | In kronor |
|---|---|---|
| Microsoft | +7.6% | +10.5% |
| Nvidia | −0.5% | +2.2% |
| Apple | +27.4% | +30.8% |
| The dollar against the krona | +2.7% |
The dollar strengthened, so a Swedish owner got more in kronor than an American owner got in dollars.
The sum is simple: (1 + the stock's change) × (1 + the currency's change) − 1. The company had nothing to do with the difference.
When currency reaches the company
Companies selling abroad. A Swedish company selling in dollars gets more kronor for the same sales when the krona is weak. That is why reports often mention currency.
Companies buying abroad. For one buying goods in dollars and selling in kronor, it is the other way round. A weak krona makes purchases dearer.
Companies that hedge. Many companies lock the exchange rate for some time ahead, so the effect comes later and milder.
How to read the numbers
A report often gives growth both with and without currency effects. If sales grow 10% but only 4% at constant currency, most of it comes from the exchange rate.
Test yourself
A US stock stands still in dollars for a year, but the dollar falls 10% against the krona. What has happened for a Swedish owner?
See the company: How Microsoft has moved.