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PLW - Cross-Currency Basis: An Eventful Year But Year-End Should Be Quieter
Invesco 1-30 Laddered Treasury ETF
We believe it’s still important for investors hedging currency risk to remain aware of the cross-currency basis - as a cost or a potential benefit of hedging.
The cross-currency basis is the excess premium (or discount) factored into the quoted price of a basis swap (or an FX forward).
It is the residual that theoretically shouldn't persist beyond the very short term if the Covered Interest Rate Parity (CIP) condition holds.