Dealing with a dwindling dollar


The heady heights achieved by the euro in 2003 left many European companies scrambling to adjust their foreign exchange hedges. Some had the foresight to lock in lower rates for the future, but others began 2004 still playing catch-up while the dollar continued to dwindle.

By mid-January, investment banks’ foreign exchange strategists were already revising their year-end targets for the euro/dollar rate. Investment banks underestimated the speed and magnitude of the dollar’s fall, initially havi

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