Cancellable forward beats dollar pendulum

Background: Companies with dollar receivables have been placed in a difficult situation with regards to hedging due to the two-year weakening of the greenback. As a result of the falling dollar, firms have had to enter new hedges at falling levels, an exercise that remains psychologically tough.

The recent broad-based dollar correction therefore has been welcomed, and has led to growing optimism at companies with dollar receivables that the greenback is set to strengthen. The problem with this is

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