Usually means: Management of currency risk exposure.
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We found 4 dictionaries that define the word currency overlay:

General (3 matching dictionaries)
  1. currency overlay: Wiktionary
  2. currency overlay: Dictionary.com
  3. Currency overlay: Wikipedia, the Free Encyclopedia

Business (1 matching dictionary)
  1. Currency Overlay: Investopedia

Definitions from Wiktionary (currency overlay)

noun:  The separation of currency risk outsourcing costs from asset allocation and security selection costs.

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