Conservative approach to further dollar weakness

Background: After range trading between 1.1750 and 1.2500 over most of the second and third quarters of 2004, EUR/USD has propelled upwards to new all-time highs. The quick appreciation of the single currency took investors as well as hedgers by surprise as barriers at and above the psychological 1.3000 level (previously considered safely out of reach) were triggered, leaving many multinationals without protection.

Problem: The customer needs to buy euros and sell dollars for delivery in one

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