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Just how much damage is a strong dollar doing to US equities?

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We're heading for a negative surprise in Q1 earnings as much as a 7% drop in earnings per share for the S&P 500, that's according to Saxo Bank's Head of Equity Strategy Peter Garnry. 

His analysis suggests the damage being done to global US firms by a strong dollar may be underestimated right now.

With around 40% of the S&P 500 relying on overseas revenues, Peter explains the impact on the index and how he's trading the downside to the rising dollar.