Forwards are where FX hedging actually happens; and in 2025, hedging came roaring back. As the dollar slid and tariff announcements upended assumptions about correlations, investors and corporates rushed to adjust hedge ratios. The Bank for International Settlements recorded all-time-high FX turnover in April, with forwards among the sharpest risers. It was the most demanding test of forwards liquidity in years, and Deutsche Bank passed with flying colours.
The advantage is structural.
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