Hedging Euro Exposure for ABC Corporation

ABC Corporation is concerned about potential fluctuations in the exchange rate between the US dollar and the euro, as it imports a significant amount of goods from Europe. To protect its profits from adverse currency movements, ABC Corporation is considering various hedging strategies that utilize derivatives. The company's CFO is evaluating these strategies to determine the most effective way to hedge their euro exposure.

Which of the following hedging strategies should ABC Corporation implement to effectively mitigate the risk of a declining euro against the US dollar?