Forward structure for an exotics-shy corporate


High price volatility is making EUR/AUD exposure challenging to manage. Sara Sullivan, ANZ’s senior FX options sales manager in London, proposes a solution for a European multinational that receives payments from an Australian subsidiary

Problem: In the past couple of years EUR/AUD has traded within a broad range of approximately 1.5650–1.8650, the lows seen in April 2004, and the highs in both January 2003 and August 2002. Most recently, the euro had risen to reach a high just short of 1.7850

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