You are a finance manager for a Spanish MNE. Your firm has just received an invoice for goods you purchased from a US company. The invoice is denominated in US Dollars. You expect to make payment in 90 days.

You wish to hedge against a possible _______ in the value of the Dollar and choose _________ as the most appropriate hedging technique/instrument.

rise; a 90-day call option on the Dollar

rise; factoring

fall; a 90-day put option on the Dollar

fall; a short 90-day futures contract on the Dollar

None of the above