Brambles is an Australian owned supply chain logistics company that has operations in over 60 countries. Their main business activity is the supply and management of CHEP shipping pallets and containers.

Because of their international operations, Brambles must (carefully) manage their foreign exchange exposure.

Foreign exchange exposure consists of three separate, but related exposures: transaction, operating and translation exposure. Explain what each of these mean and determine which one has the least impact on the operating activities of Brambles.