MillTech survey: US and UK corporates reduced FX hedging against large market moves in Q2 to the lowest level since the survey began in 2024 Q1, citing heightened rate and inf uncertainty. Average hedge ratio fell to 46% from 57%; average hedge tenor shortened to 5.7 months from 6.62 months. Nearly half of firms now hedge 26–50% of exposures; the share hedging 51–75% dropped to 34% from 54%, indicating a shift to more tactical, shorter-duration hedging to retain flexibility rather than locking i

MillTech survey: US and UK corporates reduced FX hedging against large market moves in Q2 to the lowest level since the survey began in 2024 Q1, citing heightened rate and inf uncertainty. Average hedge ratio fell to 46% from 57%; average hedge tenor shortened to 5.7 months from 6.62 months. Nearly half of firms now hedge 26–50% of exposures; the share hedging 51–75% dropped to 34% from 54%, indicating a shift to more tactical, shorter-duration hedging to retain flexibility rather than locking in higher coverage. UK firms flag monetary policy as the main hedge driver; US firms cite market volatility.