CAN I say when FCRP>0 …no need to hedge. expected exchange risk will be compensated. risk bring return. FCRP=0 …no need to hedge. forward = expected. hedge is useless here. FCRP<0 …hedge (buy forward) is a must. right? thanks.
to hedge or not to hedge, that is the question which must be answered by everybody individually expected = uncertain = risky … do you want this risk? if not, hedge.
If FCRP > 0, then you will be rewarded for staying unhedged (i.e. you will get a premium). So I think what you wrote is wrong.