PANEL: Trimming the hedge – lessons in FX volatility management

Tariff uncertainty contributed to significant currency market volatility in 2025 and geopolitical turmoil is unlikely to reduce any time soon. In this context, FX markets can be expected to remain volatile.

In response to these market conditions, savvy corporates have been reviewing their FX exposures and taking advantage of opportunities to mitigate risk whenever possible.

Hedging remains the most important tool for smoothing out currency movements - but how much and for how long? We discuss whether treasurers are confident that they have a complete picture of their FX exposures, consider which currencies are particularly vulnerable to depreciation or appreciation and explore options for mitigating risk.