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Esther🏵🎠🗝招财🐱 · 2023年02月02日

forward currency

“India has relatively high interest rates compared to the United States and my market view is that this situation is likely to persist. As a retail investor actively trading currencies, I am considering borrowing in USD and converting to the Indian rupee (INR). I then intend to invest these funds in INR-denominated bonds, but without using a currency hedge.”

So a higher forward premium on the lower yielding currency—the USD, the base currency in the INR/USD quote—would effectively reflect a more profitable trading opportunity. That is, a higher premium for buying or selling the USD forward is associated with a lower US interest rate compared to India. This would mean a wider interest rate differential in favor of Indian instruments, and hence potentially more carry trade profits.

老师,红字部分的话具体是什么意思?



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Hertz_品职助教 · 2023年02月03日

嗨,努力学习的PZer你好:


同学你好

红色部分的意思是:(美元)这个低利率货币会有个较高的远期溢价。

可以从低利率货币又叫做forward premium currency来理解。因为开始时,人们会借低利率货币投资高利率货币,导致高利率货币升值,但是在将来这些外币终究会撤走的,那时候高利率货币就会贬值(所以高利率货币就叫做forward discount currency),而对应的低利率货币就会升值,所以也叫作forward premium currency。

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