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German exporters hit by double whammy as EUR/USD extends above 1.1550
As the EUR/USD lifts to fresh session highs a moment ago, rising above 1.1560, this is posing an added problem for German exporters to the US. Not only are they faced with a minimum 10% trade tariff from the US, but in the case of car exports, at least 25%. The fact that the Euro is now gaining even more versus the dollar is another added headache. That is making German (and European) exports even more uncompetitive. So, the only way for them to circumvent that is to hedge their EUR/USD exposure before it gets even worse. So, added to the evidence of investment inflow back home, out of the dollar you have major exporter corporations buying the currency too. That might not be via direct spot, or forward purchases, but it will also come in the form of option protection, as those exporters are forced to buy long dated Euro calls. The EUR/USD is right now at 1.1558
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