defab,
Yep I was intrigued that we actually had a further close out of hedges when the AUD actually went down. What this means is as long as the AUD stays at or around where it is (ie above that 85.6 cent that we have been advised from a number of posters etc) then its all about the IR differential on these contracts. Continued weakess in the US dollar should see further hedges closed off one would think.
equity hedge update ..., page-7
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