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November 2004
Currency Hedging Provides Shelter for Importers
Buying currency on the spot market may work in favor of American importers on occasion, but it may also work against them, leaving only two choices: raise prices or reduce margins.
by Tyler Colman, Ph.D.
"Wine importers are caught between a rock and a hard place," said Philippe Newlin of Calyon, the investment bank of Crédit Agricole. "The rock is the declining dollar, and the hard place is the competitive marketplace that prevents price increases."The dollar's slide of over 40 percent between early 2002 and early this year has placed many importers on edge and put pressure to raise prices at all levels for imported wine. Further, a glut of wine, foreign and domestic, has tended to keep wine pri...
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