By Enzio Von Pfeil
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Extra resources for Effective Control of Currency Risks: A Practical, Comprehensive Guide
Instead of viewing this as a structural or permanent risk, that company continues its approach of obtaining the best rate possible in the circumstances. It is thus forced to use forecasts which ultimately are dependent on prevailing rate levels. That type of solution could involve using forwards, options or futures; ultimately, however, this 'solution' is based upon forecasting near-term levels. Another example of a dealing risk is that of a US company which wishes to obtain the most inexpensive financing possible.
1 are commonly used by companies when discussing currency risk. But these descriptions are by nature short-term, and thus can elicit only short-term responses or courses of action. They do not properly demarcate the problem. However, these very same companies rarely use the same short-term thinking when assessing a business risk - be it planning a new sales campaign or a major construction project. In fact, most successful businesses not only know how to gauge their risks properly but (because of this) define the risk in such a way as to dictate a logical course of action.
As we will see later, in terms of the dollar the Swiss franc has been the currency which has been most volatile. At the other end of the risk spectrum, the Canadian dollar has shown the lowest volatility or risk against the dollar. Developing this concept of risk one step further, exchange rate levels are merely a reflection of currency volatilities. Just as exposure is the necessary condition for risk, so fluctuation is the necessary condition for the exchange Definitions of Currency Risks 27 rate levels.
Effective Control of Currency Risks: A Practical, Comprehensive Guide by Enzio Von Pfeil