Macro-Hedge

Hedging against macro conditions usually means that you're protecting your exposure to interest rates or your currency.

Like...say you have big bets on the New Zealand dollar going up relative to the Chinese RMB, and you're leveraged 8:1 in doing so. If rates go up even 10 basis points, it could wipe you out. So you hedge that potential risk, letting things ride for rates to go up 5 basis points, but above that, you have interest rate option puts that cover the changes, should they happen.

Same deal with currency swings and other things that macro hedges do for investors. Studying buffalo entrails usually helps as well.