题目内容
_____ is buying a country's currency spot and selling that country's currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on the country's currency.
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Suppose the interest rate on 6-month treasury bills is 5 percent per year in the United Kingdom and 3 percent per year in the United States. Also, today’s spot exchange price of the pound is $2.00 while the 6-month forward exchange price of the pound is $2.02. By investing in U.K. treasury bills rather than U.S. treasury bills, and covering exchange-rate risk, U.S. investors earn an approximate extra return for 6 months of:
Suppose the interest rate on 6-month treasury bills is 5 percent per year in the United Kingdom and 3 percent per year in the United States. Also, today’s spot exchange price of the pound is $2.00 while the 6-month forward exchange price of the pound is $2.02. Consider the expected future spot rate of pounds is $2.04. By investing in U.K. treasury bills rather than U.S. treasury bills, and NOT covering exchange-rate risk, the approximate extra return earned by U.S. investors for 6 months will be:
Suppose the interest rate on 6-month treasury bills is 5 percent per year in the United Kingdom and 3 percent per year in the United States. Also, today’s spot exchange price of the pound is $2.00 while the 6-month forward exchange price of the pound is $ 2,02. If the price of the 6-month forward pound were to _____, U.S. investors would see no return difference between covered U.K. investment and domestic U.S. investment.
_____ parity is the condition where the expected uncovered differential equals zero.
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