Dear FX gurus
I am a bit of a newb to FX - actually I have never traded FX, however have a broad understanding of it. My experiance however comes from assisting clients in my old bank days hedging the currency as they were international traders and wanted to minimise risk. The transactions I was assisting with were multiple millions/month.
I am now in a situation which sees me earning USD, however I need to shift money back to AUD on a monthly basis (to pay for mortgages etc). When I started this job 12 months ago I was quite happy with a 0.63c exchange rate. However, now, at .90c I am effectlively earning 30% less!
I am wanting to know if there is any way I can 'hedge' the currency to maximise my exchange rate. I earn a good income, unfortunalty though, I dont earn millions/month so I am quite cost consious.
Any ideas would be appreciated.