FxThere is a cost associated with hedging currency... If a company has revenues and expenses in both euro , pound and US , it may not be advantageous to spend 2 or 3 % of your revenue hedging if at the end of the day you think that this expense in itself will affect your profit in a negative way. I don't think these execs a blind to the pros and cons to hedging, and they have determined that hedging after such a run by the US dollar already the last 6 months or so is not to their benefit.