Currency Risk Management: A Handbook for Financial Managers, by Gary Shoup

By Gary Shoup

Concentrates on a major quarter of fine company perform, the prudent and skilful administration of forex possibility. The e-book bargains an easy, direct method of knowing the fundamental and complex suggestions of foreign money chance administration, geared toward a vast variety of economic execs.

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Like clockwork, the producer traditionally sold every year at the bottom third of the price range. This pattern was so predictable that speculators consistently bought agricultural futures during harvest time to profit from the seasonal low of the cycle. In the late 1970s, inflation and futures trading took off together, and I joined in as a commodity broker. " With a copy of the Wall Street Journal and a set of basis charts, I began knocking on doors. If invited in, Page 2 I would spread my wares on the kitchen table and, within a half hour, explain all about hedging with futures.

The following projects should be considered: 1. Form a task force to coordinate the company's response to the euro. 2. Gather information as details unfold. For example, conversion will occur based on ecu basket rates as of December 31st, 1998. Foreign exchange gains and losses will be realized at that rate. 3. Analyze both the opportunities and risks of the euro's effect on sales, manufacturing, procurement, engineering, finance and administration. What will be the effect on international operations?

Their major competitor, a European company, continually undercut them. " It turned out that the European firm could well afford to price them out of the market. Its own foreign operations were doing consistently well, with the company hedging its currency exposures whenever the opportunity arose. This illustrates the amorphous nature of foreign currency exposure. It crops up in unexpected places. As this export manager discovered, the exposure risk was not confined to a specific asset or liability, but involved an entire market.

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