本文格式為Word版，下載可任意編輯——國際財務(wù)管理習(xí)題解答6.UsingExhibit5.4,calculatetheone-,three-,andsix-monthforwardpremiumordiscountfortheU.S.dollarversustheBritishpoundusingEuropeantermquotations.Forsimplicity,assumeeachmonthhas30days.Whatistheinterpretationofyourresults?

Solution:Theformulawewanttouseis:

fN,$=[(FN(￡/$)-S(￡/$))/S(￡/$)]x360/Nf1,$=[(.5251-.5242)/.5242]x360/30=-.0023f3,$=[(.5268-.5242)/.5242]x360/90=-.0198f6,$=[(.5290-.5242)/.5242]x360/180=-.0183

ThepatternofforwardpremiumsindicatesthattheBritishpoundistradingatadiscountversustheU.S.dollar.Thatis,itbecomesmoreexpensivetobuyaU.S.dollarforwardforBritishpounds(inabsolutebutnotpercentageterms)thefurtherintothefutureonecontracts.

7.Giventhefollowinginformation,whataretheNZD/SGDcurrencyagainstcurrencybid-askquotations?

AmericanTermsEuropeanTerms

BidAsk

BidAsk

1.37511.37651.62871.6300

BankQuotationsNewZealanddollarSingaporedollar

.7265.7272.6135.6140

Solution:Equation5.12fromthetextimpliesSb(NZD/SGD)=Sb($/SGD)xSb(NZD/$)=.6135x1.3765=.8445.Thereciprocal,1/Sb(NZD/SGD)=Sa(SGD/NZD)=1.1841.Analogously,itisimpliedthatSa(NZD/SGD)=Sa($/SGD)xSa(NZD/$)=.6140x1.3765=.8452.Thereciprocal,1/Sa(NZD/SGD)=Sb(SGD/NZD)=1.1832.Thus,theNZD/SGDbid-ask

spread

is

NZD0.8445-NZD0.8452

and

the

SGD/NZD

spread

is

SGD1.1832-SGD1.1841.8.

AssumeyouareatraderwithDeutscheBank.Fromtheq