Accrual strategy counters euro/dollar vol

Background: The latest phase of dollar weakness for the past two years, helping the climb of other major currencies, from GBP to EUR to JPY, has certainly been spectacular. Predicting another major period of USD weakening, however, is anything but certain. Even though the dollar does seem likely to fall further, the trend may turn out not to be as straight-line and single-directional as the previous one.

As for financial hedging instruments, any treasurer who has largely used outright forwards to

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