December 1, 2023

Brighton Journal

Complete News World

Jim Cramer says buy P&G amid weak US dollar

Jim Cramer says buy P&G amid weak US dollar

Recent weakness in the US dollar should provide a boost to consumer goods giant Procter & Gamble (PG), CNBC’s Jim Cramer said on Tuesday.

In October, Procter & Gamble — maker of Crest toothpaste, Tide laundry products and Pampers diapers — warned that foreign exchange headwinds would weigh on its sales growth for fiscal 2024 and offset the expected benefit from lower commodity costs. But since then, the US Dollar Index (DXY) has fallen by about 2%.

“The dollar is sinking like a stone,” Cramer said, noting that the dollar index, which measures the US currency against six other currencies including the yen and the euro, is now trading at its lowest level since mid-September.

As a result, P&G appears much better positioned to handle foreign exchange dynamics, Cramer said, while the tailwinds of commodity price deflation remain intact. Cramer’s Charitable Trust, the portfolio used by CNBC Investing Club, has a stake in P&G.

“The dollar isn’t going to kill them, so you just buy P&G and profit from it,” Cramer said. “P&G is much better than it was before.”

Procter & Gamble shares rose about 0.1% on Tuesday, to about $152.60 each, on the back of a three-day winning streak.

Below is a complete list of stocks in Jim Charitable Foundationt, the wallet used by CNBC Investing Club.

See also  Rogers invests 10 billion Canadian dollars in artificial intelligence, testing after a major break