The American double-accrual forward

Background: The US dollar is widely expected to continue to weaken as the market focuses on the twin structural budget and current account deficits in the US. Many greenback-based importers are beginning to find it very costly to hedge their payables in foreign currencies, which have rallied to new highs in recent weeks. The market has also come to the view that the euro has further upside potential next year beyond the psychologically important 1.3500 level.

With EUR forwards trading at a

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