问题如下:
The spot exchange rate for USD relative to Euro is 1.1607 USD/EUR, and the 90-day forward rate is 1.1624 USD/EUR. Based on the above information, USD is:
选项:
A.trading a 90-day forward premium of 0.14%
B.trading a 90-day forward discount of 0.14%
C.trading a 90-day forward premium of 0.15%
解释:
B is correct.
The spot EUR/USD is 1/1.1607=0.8615, and the forward EUR/USD is 1/1.1624=0.8603. 0.8603/0.8615-1=-0.14%, which means a forward discount of 14%
考点: forward premium /discount
解析:资本项目包括资本转移和非金融资产的买卖。
现货欧元/美元为1/1.1607=0.8615,远期欧元/美元为1/1.1624=0.8603。0.8603/0.8615-1=-0.14%,即远期贴水14%
汇率市场是零和交易,所以不用换算为1/1.1607,直接用(1.1624-1.1607)/1.1607,但是因为是欧元兑美元的升值,所以反过来,就是美元兑欧元的贬值,即Discount,对吗?