Fmb 616e

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Exercise I (FMB 616E) Sep. 10, 2015
Due by Sep. 17 a. What actions do you need to take to speculate in the forward market? What is the expected dollar profit from speculation? Solution: If you believe the spot exchange rate will be $1.92/£ in three months, you should buy £1,000,000 forward for $1.90/£. The profit will be: £1,000,000 x ($1.92 -$1.90)=$20,000. b. What would be your speculative profit in dollar terms if the spot exchange rate actually turns out to be $1.86/£. Solution: If the spot exchange rate actually turns out to be $1.86/£ in three months, The loss from the long position will be: £1,000,000 x ($1.86 -$1.90)=-$40,000. (Q.13) a. Describe the currency transaction that Omni should undertake to eliminate currency risk over the 30-day period. Solution: Omni should sell 30-day forward CHF against 30-day forward ZAR delivery (sell 30-day forward CHF against USD and buy 30-day forward ZAR against USD). b. Calculate the following: •The CHF/ZAR cross currency rate Omni would use in valuing the Swiss equity portfolio. Solution: CHF/USD=1.5285/$1 (ASK SIDE) ZAR/USD=6.2538/$1 (BID SIDE) CHF/ZAR=1.5285/6.2538=0.244 • The current value of Omni’s Swiss equity portfolio in ZAR. Solution: 3,000,000 CHF/0.24 = 12,274,386 ZAR • The annualized forward premium or discount at which the ZAR is trading versus the CHF. Solution: Spot rate = 1.5343 CHF/6.2681 ZAR = 0.244779120 30 day forward ask rate 1.5285 CHF/6.2538 ZAR = 0.244411398 The premium/discount formula is: [(forward rate – spot rate) / spot rate] x (360 / day contract) =[(0.244411398 – 0.24477912) / 0.24477912] x (360 / 30) =-1.8027126 % = -1.80% <Ch. 5: International Parity Relations>…...

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