Currency strategist Mike Moran warned on Friday that as the euro falls, U.S. multinationals must stop playing the waiting game and start hedging better, or they'll ''catch the falling knife.''
"The corporations haven't been hedging as much as they would have liked to," Standard Chartered Bank's senior currency strategist said on CNBC's "Squawk on the Street." "They tend to take a discretionary approach and so recently they've been caught out."
Few companies have completed their hedging programs for the year, and the strengthening U.S. dollar will have a negative impact on earnings, he continued.
And Moran expects parity between the two currencies within three months.
"I think if we were to get another big move lower in the euro, its going to force these guys to stop waiting and catch the falling knife," he said.