Comparing Strategic vs Tactical Currency Management

As a portfolio manager for a multinational corporation, you are tasked with developing a currency management strategy to hedge against foreign exchange risk. Your firm's exposure to currency fluctuations is significant due to its substantial sales and operations in several countries. The CFO has asked you to evaluate two approaches: a strategic currency management approach versus a tactical currency management approach.

Discuss the differences between strategic and tactical currency management. In your answer, include the benefits and limitations of each approach. Provide examples where relevant to strengthen your argument.