An average rate option to protect the budget

BACKGROUND: Many European corporates set their budget rates for euro/dollar at the beginning of the calendar year, with the result that for 2004 they are now far above current levels. In many companies, this budget rate acts as the benchmark against which both turnover as well as profits are measured, and is compared at the end of the year to the average spot rate over the period. The recent decline in the euro could therefore offer an opportunity for corporate treasurers to lock-in some of the

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