为什么说是two strategies

NO.PZ201601050100001503 问题如下 Intify two strategies lga shouluse to earn a positive roll yiel scrithe specific steps neeto execute eastrategy. Given ththe base curren(the US llar) is trang a forwarpremium, the hee requires the sale of US llforwar resulting in a positive roll yiel The concept of roll yielis very similto forwarrate bianthe carry tra. Here, lga is suggesting a strategy to pursue when there is a negative roll yiel because a heer trang against the forwarbiwoulbuying US llars a forwarpremium insteof selling them. The carry tra strategy of borrowing in low-yielcurrencies aninvesting in high-yielcurrencies is equivalent to trang the forwarrate bias, not against it. 中文解析基于整个题干的背景可知本币是EUR，外币是US因此担心外币贬值，需要short forwaron EUR/US也就是解析里面说的base currency应该是US现在美元存在远期溢价，即F S，所以short forwaron EUR/US头寸，计算roll yielF-S/S也会有正的收益。另外因为美元的利率低于欧元的利率，可以执行carry tra策略，借低利率货币投资于高利率货币，其中低利率货币又叫做forwarpremium currency，高利率货币又叫做forwarscount currency。 题目中预期USforwarpremium，那么就意味着EUR/USbasis=S-F小于0，可以short长期合约+long短期合约得到收益，这种方法是否可以？关于这个方法我的回答roll yiel Investors will short long-term forwarcontraanbuy short-term forwarcontraif there is a forwarpremium. In these case, because US llis trang a forwarpremium, lga shoulshort long-term forwarcontract(EUR/US anlong short-term forwarcontrato get a positive roll yiel

NO.PZ201601050100001503 问题如下 Intify two strategies lga shouluse to earn a positive roll yiel scrithe specific steps neeto execute eastrategy. Given ththe base curren(the US llar) is trang a forwarpremium, the hee requires the sale of US llforwar resulting in a positive roll yiel The concept of roll yielis very similto forwarrate bianthe carry tra. Here, lga is suggesting a strategy to pursue when there is a negative roll yiel because a heer trang against the forwarbiwoulbuying US llars a forwarpremium insteof selling them. The carry tra strategy of borrowing in low-yielcurrencies aninvesting in high-yielcurrencies is equivalent to trang the forwarrate bias, not against it. 中文解析基于整个题干的背景可知本币是EUR，外币是US因此担心外币贬值，需要short forwaron EUR/US也就是解析里面说的base currency应该是US现在美元存在远期溢价，即F S，所以short forwaron EUR/US头寸，计算roll yielF-S/S也会有正的收益。另外因为美元的利率低于欧元的利率，可以执行carry tra策略，借低利率货币投资于高利率货币，其中低利率货币又叫做forwarpremium currency，高利率货币又叫做forwarscount currency。 “现在美元存在远期溢价，即F S，所以short forwaron EUR/US头寸。”这句话是什么意思呢？为什么美元存在forwarpremium，就要short EUR/US

NO.PZ201601050100001503问题如下 Intify two strategies lga shouluse to earn a positive roll yiel scrithe specific steps neeto execute eastrategy. Given ththe base curren(the US llar) is trang a forwarpremium, the hee requires the sale of US llforwar resulting in a positive roll yiel The concept of roll yielis very similto forwarrate bianthe carry tra. Here, lga is suggesting a strategy to pursue when there is a negative roll yiel because a heer trang against the forwarbiwoulbuying US llars a forwarpremium insteof selling them. The carry tra strategy of borrowing in low-yielcurrencies aninvesting in high-yielcurrencies is equivalent to trang the forwarrate bias, not against it. 中文解析基于整个题干的背景可知本币是EUR，外币是US因此担心外币贬值，需要short forwaron EUR/US也就是解析里面说的base currency应该是US现在美元存在远期溢价，即F S，所以short forwaron EUR/US头寸，计算roll yielF-S/S也会有正的收益。另外因为美元的利率低于欧元的利率，可以执行carry tra策略，借低利率货币投资于高利率货币，其中低利率货币又叫做forwarpremium currency，高利率货币又叫做forwarscount currency。 如题，看了历史提问，还是很糊涂，麻烦老师解惑，谢谢

NO.PZ201601050100001503 问题如下 Intify two strategies lga shouluse to earn a positive roll yiel scrithe specific steps neeto execute eastrategy. Given ththe base curren(the US llar) is trang a forwarpremium, the hee requires the sale of US llforwar resulting in a positive roll yiel The concept of roll yielis very similto forwarrate bianthe carry tra. Here, lga is suggesting a strategy to pursue when there is a negative roll yiel because a heer trang against the forwarbiwoulbuying US llars a forwarpremium insteof selling them. The carry tra strategy of borrowing in low-yielcurrencies aninvesting in high-yielcurrencies is equivalent to trang the forwarrate bias, not against it. 中文解析基于整个题干的背景可知本币是EUR，外币是US因此担心外币贬值，需要short forwaron EUR/US也就是解析里面说的base currency应该是US现在美元存在远期溢价，即F S，所以short forwaron EUR/US头寸，计算roll yielF-S/S也会有正的收益。另外因为美元的利率低于欧元的利率，可以执行carry tra策略，借低利率货币投资于高利率货币，其中低利率货币又叫做forwarpremium currency，高利率货币又叫做forwarscount currency。 1、carry trafinancing from US with lower interest rates，investing to Spanish asset with higher interest rate.2、forwarrate bitrangsell US llwith forwarpremiumbuy Spanish asset with forwarscount