Dollar dip erodes AmEx’s overseas hedges by $198m
FX swaps shielding foreign equity stumble as greenback retreats
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
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