Your firm is a Swiss exporter of bicycles. You have sold an order to a French firm for 3,000,000 worth of bicycles. Payment from the French firm (in euro) is due in 12 months. Use a money market hedge to redenominate this one-year receivable into a Swiss franc -denominated receivable with a one-year maturity. Int rates 1.3073 3.2% UK 1.3167 Pair GBP/USD Spot 12M FWD EUR/USDSpot 12M FWD USD/CHFSpot 12M FWD USD 1.1212 2.4% Euro zone 1.1381 0.9372 1% Swiss 0.9438 3.6%