美元的远期汇率为什么不能这么计算？

NO.PZ202208160100000204 问题如下 Baseon the ta in Exhibits 1 an2, the mark-to-market value for Nexran’s forwarposition relateto the oil fielconstruction equipment orr is closest to: A.US74,000. B.US77,674. C.US71,690. SolutionC is correct.NexrsolEUR20 million forwarto the settlement te 1.1716 (USEUR).To mark the position to market, Nexroffsets the forwartransaction buying EUR 20 million six months forwarto the settlement te.For the offsetting forwarcontract, because the EUR is the base currenin the USEUR quote, buying EUR forwarmeans paying the offer for both the spot rate anforwarpoints.The all-in six-month forwarrate is calculate1.1243 + 0.0036 = 1.1279 USEUR.This rate gives a net cash flow on settlement y of EUR20,000,000 × (1.1716 – 1.1279) USEUR = 20,000,000 × 0.0437 = US74,000. (This amount is a cash inflow because the EUR preciateagainst the US)To termine the mark-to-market value of the originforwarposition, calculate the present value of the UScash inflow using the six-month USscount rate: US74,000/[1 + 0.0053(180/360)] = US71,690. A is incorrect. The present value of the cash flow wnot calculate(step 4 of calculation).B is incorrect. The cash flow wcalculateusing the birate insteof the offer rate.The all-in six-month forwarrate = 1.1241 + 0.0035 = 1.1276This gives a net cash flow on settlement y of 20,000,000EUR × (1.1716 – 1.1276) USEUR = US80,000, anthe present value is calculateUS80,000/[1 + 0.0053(180/360)] = US77,674.中文解析C是正确的。Nexran以1.1716(美元/欧元)的价格卖出了2000万欧元。为了将头寸按市场计价，Nexran通过在结算日之前6个月购买2000万欧元来抵消远期交易。对于抵销远期合约，由于欧元是美元/欧元报价中的基础货币，因此购买远期欧元意味着同时支付即期汇率和远期点的报价。6个月远期利率合计为1.1243 + 0.0036 = 1.1279美元/欧元。按此利率计算，结算日的净现金流为欧元2000万×(1.1716 - 1.1279)美元/欧元= 2000万× 0.0437 = 87.4万美元。(这一数额是现金流入，因为欧元对美元贬值。)为了确定原始远期头寸的市值，使用六个月美元贴现率计算美元现金流入的现值:874,000美元/[1 + 0.0053(180/360)]= 871,690美元。A是不正确的。没有计算现金流的现值(计算的第4步)。B不正确。现金流是用买入价而不是卖出价来计算的。6个月远期利率= 1.1241 + 0.0035 = 1.1276由此得出结算日现金流净额为2000万欧元×(1.1716 - 1.1276)美元/欧元= 88万美元，现值为88万美元/[1 + 0.0053(180/360)]= 877,674美元。 请问这个 cancel orr 是属于settlement te吗？还是属于到期前？若属于settlement ，则应该spot exchange rate 是使用中间价1.1242吧？然后再加36个points。

NO.PZ202208160100000204 问题如下 Baseon the ta in Exhibits 1 an2, the mark-to-market value for Nexran’s forwarposition relateto the oil fielconstruction equipment orr is closest to: A.US74,000. B.US77,674. C.US71,690. SolutionC is correct.NexrsolEUR20 million forwarto the settlement te 1.1716 (USEUR).To mark the position to market, Nexroffsets the forwartransaction buying EUR 20 million six months forwarto the settlement te.For the offsetting forwarcontract, because the EUR is the base currenin the USEUR quote, buying EUR forwarmeans paying the offer for both the spot rate anforwarpoints.The all-in six-month forwarrate is calculate1.1243 + 0.0036 = 1.1279 USEUR.This rate gives a net cash flow on settlement y of EUR20,000,000 × (1.1716 – 1.1279) USEUR = 20,000,000 × 0.0437 = US74,000. (This amount is a cash inflow because the EUR preciateagainst the US)To termine the mark-to-market value of the originforwarposition, calculate the present value of the UScash inflow using the six-month USscount rate: US74,000/[1 + 0.0053(180/360)] = US71,690. A is incorrect. The present value of the cash flow wnot calculate(step 4 of calculation).B is incorrect. The cash flow wcalculateusing the birate insteof the offer rate.The all-in six-month forwarrate = 1.1241 + 0.0035 = 1.1276This gives a net cash flow on settlement y of 20,000,000EUR × (1.1716 – 1.1276) USEUR = US80,000, anthe present value is calculateUS80,000/[1 + 0.0053(180/360)] = US77,674. 如何判断1.一开始我们的合约是卖出EUR？

NO.PZ202208160100000204 问题如下 NexrEnterprises Case ScenarioBarkley Carlisle wrecently hireassociate analyst in the corporate finanpartment NexrEnterprises. Nexris a US manufacturer of heavy instriequipment thsells its procts globally. Carlisle assists finanrector Jennifer Brannigin managing Nexran’s foreign currenrisk. part of the training process concerning the complexities of the foreign exchange (FX) markets, Brannigprovis Carlisle with Exhibit 1 anasks him to monstrate his familiarity with some calculations, sutriangularbitrage anexpectefuture spot rates. A few ys later, BranniganCarlisle meet to scuss the results of his work.Exhibit 1 Interbank CurrenQuotes anMarket ReferenRates (MRR)After reviewing the calculations, Brannigasks Carlisle whfactors termine the bioffer sprea Nexrmface. Carlisle makes the following statements: The conversation then moves to a scussion of some recent Nexrtransactions. Six months ago, a Europecustomer placeorr for EUR 20 million of oil fielconstruction equipment with livery anpayment scheleto take plaone yelater. Nexrheeall of its exposure to the euro entering into a forwarposition a forwarpriof US.1716/EUR.Nexrhjust been informethe customer thbecause of the collapse in oil prices, it is canceling the orr. Brannigtells Carlisle to mark the forwarposition to market to facilitate exiting the currenhee. (Exhibit 2 provis information about current FX rates aninterest rates.)Exhibit 2 Six-Month ForwaranMRRThe next transaction consireis a recently signemultiyecontrawith a customer locatein the country of Morlunn. Nexrwill sell 25 pieces of equipment per yea fixeprice, with the sale pricein the Morlunn poun Morlunn ha floating exchange rate, ancapitflows are highly mobile. Morlunn also hexpansionary monetary poliwith a restrictive fiscpolicy. Brannigasks Carlisle to termine the appropriate action Nexrshoultake to manage its Morlunn currenrisk baseon thcountry’s economic policies.a finitem, Brannigexplains the impaof the balanof payment flows on exchange rates. She notes thin recent years, Nexrsola sizable portion of its procts to the Trunol Republia country this running large current account surpluses versus the UniteStates. Nexran’s sales to the Trunol Republic are expecteto a major component of the company’s future totsales. Consequently, Brannigbelieves Nexrshoulhee against a potenticline in the USrelative to the TRbecause she is concerneththe Trunol Republic mci to reits USnominateassets.Question Baseon the ta in Exhibits 1 an2, the mark-to-market value for Nexran’s forwarposition relateto the oil fielconstruction equipment orr is closest to: A.US74,000. B.US77,674. C.US71,690. SolutionC is correct.NexrsolEUR20 million forwarto the settlement te 1.1716 (USEUR).To mark the position to market, Nexroffsets the forwartransaction buying EUR 20 million six months forwarto the settlement te.For the offsetting forwarcontract, because the EUR is the base currenin the USEUR quote, buying EUR forwarmeans paying the offer for both the spot rate anforwarpoints.The all-in six-month forwarrate is calculate1.1243 + 0.0036 = 1.1279 USEUR.This rate gives a net cash flow on settlement y of EUR20,000,000 × (1.1716 – 1.1279) USEUR = 20,000,000 × 0.0437 = US74,000. (This amount is a cash inflow because the EUR preciateagainst the US)To termine the mark-to-market value of the originforwarposition, calculate the present value of the UScash inflow using the six-month USscount rate: US74,000/[1 + 0.0053(180/360)] = US71,690. A is incorrect. The present value of the cash flow wnot calculate(step 4 of calculation).B is incorrect. The cash flow wcalculateusing the birate insteof the offer rate.The all-in six-month forwarrate = 1.1241 + 0.0035 = 1.1276This gives a net cash flow on settlement y of 20,000,000EUR × (1.1716 – 1.1276) USEUR = US80,000, anthe present value is calculateUS80,000/[1 + 0.0053(180/360)] = US77,674. 这个是反向合约，他一开始卖出EUR，最后要买入EUR，所以用offer我这个理解是不是对的？

NO.PZ202208160100000204 问题如下 Baseon the ta in Exhibits 1 an2, the mark-to-market value for Nexran’s forwarposition relateto the oil fielconstruction equipment orr is closest to: A.US74,000. B.US77,674. C.US71,690. SolutionC is correct.NexrsolEUR20 million forwarto the settlement te 1.1716 (USEUR).To mark the position to market, Nexroffsets the forwartransaction buying EUR 20 million six months forwarto the settlement te.For the offsetting forwarcontract, because the EUR is the base currenin the USEUR quote, buying EUR forwarmeans paying the offer for both the spot rate anforwarpoints.The all-in six-month forwarrate is calculate1.1243 + 0.0036 = 1.1279 USEUR.This rate gives a net cash flow on settlement y of EUR20,000,000 × (1.1716 – 1.1279) USEUR = 20,000,000 × 0.0437 = US74,000. (This amount is a cash inflow because the EUR preciateagainst the US)To termine the mark-to-market value of the originforwarposition, calculate the present value of the UScash inflow using the six-month USscount rate: US74,000/[1 + 0.0053(180/360)] = US71,690. A is incorrect. The present value of the cash flow wnot calculate(step 4 of calculation).B is incorrect. The cash flow wcalculateusing the birate insteof the offer rate.The all-in six-month forwarrate = 1.1241 + 0.0035 = 1.1276This gives a net cash flow on settlement y of 20,000,000EUR × (1.1716 – 1.1276) USEUR = US80,000, anthe present value is calculateUS80,000/[1 + 0.0053(180/360)] = US77,674. 请问一下，题目中问的是现在的时间点，为什么不能直接使用表1的汇率，还要再加上6个月以后的points呢？