VW lifts hedging of U.S. dollar denominated sales

Newswire

FRANKFURT, Dec 19 (Reuters) - Europe's biggest carmaker Volkswagen said on Friday it had raised its hedging level to protect it from the strong euro against the U.S. dollar which is eating into earnings from exports to North America. "We have raised our hedging to 70 percent," said a VW spokesman. VW, which had previously hedged about two-thirds of its sales in dollar or dollar-linked currencies through financial instruments and options, has seen its pre-tax profit hit by 1.2 billion ...

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