A Germany company exports goods to the USA and invoices its customer for US$

$1,522,800$ payable in April. It is now February. In the foreign exchange market, the

following quotations are made

Spot US$$/$Euro $1\mathrm{.}40701\mathrm{.}4090$

April forward $1\mathrm{.}4030-1\mathrm{.}4150$

June Euro futures contracts are priced at US$ $1\mathrm{.}4100.($One Euro Futures contract

represents Euro $108,000)$

Required:

Set up the hedge position and calculate the hedge efficiency if in April the US$$/$Euro spot

rate is US$ $1\mathrm{.}41501\mathrm{.}4170$ and the June Euro futures are priced at US$ $1\mathrm{.}4150.$