What is the best example of a natural hedging relationship?

1. Having liabilities in a foreign currency offset by assets denominated in that same foreign currency.

2. Having sales denominated in a foreign currency offset by receivables denominated in that same currency.

3. Having liabilities denominated in a foreign currency offset by assets denominated in U.S. dollars.

4. liabilities denominated in U.S. dollars offset by assets denominated in a foreign currency.