Dollar dip erodes AmEx’s overseas hedges by $198m

- By Lorenzo Migliorato
- 06 May 2025

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American Express’s structural currency hedges lost $198 million in value during the first quarter, as the US dollar weakened in response to early signs of aggressive trade measures from US President Donald Trump.

Just a quarter earlier, the same portfolio – a set of foreign exchange swaps used to hedge the value of equity in non-US subsidiaries – had posted a $629 million gain, after accounting for netting and collateral. The notional amount of the book stood at $14.3 billion at the end of March

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