Which ever way you slice it, whatever the hedge price is done at...

Which ever way you slice it, whatever the hedge price is done at is what it eventually pays.

But in reality, its an ongoing movable thing. Hedges are opened and closed as the professional traders employed by Qantas, decide.

Because Qantas does not tell us about their hedgeing policy, we just don't know. What the general public does not know is that the so called fuel-surchare is actually a fund established to mitigate the effects of any negative (ie. losing) hedges. It would be a nice earner for them if their hedges are not losing. I doubt that.

In the US, the Dow Transports index (DJT) is regarded as a very important leading indicator for the whole economy. It is at an all-time high. That's probably the reasons that the market is so excited about QAN.