What does it mean to say 245 215 for a three month period in the calculation of the forward exchange

Discount means that the forward exchange rate is lower than the spot exchange rate, which corresponds to the "premium". Under normal circumstances, the premium quoted by the bank is only two or three digits. If it is a two-digit number, it is the third and fourth decimal places, and if it is a three-digit number, it is the first decimal place.

Two, three plus the fourth digit. The size of the number of liters of premium, the order of the two numbers is also different according to the liter or discount. Under the direct pricing method, the large number is in the first and the small number is in the last, which is the discount. Under the indirect pricing method, the decimal number comes first, and the large number comes last, which is a discount.

Contango means that the forward rate is higher than the spot rate. Corresponds to the agio. Under normal circumstances, the premium quoted by the bank is only in two or three digits. If it is a two-digit number, it is the third and fourth decimal places, and if it is a three-digit number, it is the first decimal place.

Two, three, and fourth digits. The size of the number of liters of premium, the order of the two numbers is also different according to the liter or discount. Under the direct pricing method, the decimal number comes first, and the large number comes last, which is the premium; Under the indirect pricing method, if the decimal number comes last and the large number comes first, it is a premium.

No matter which pricing method is used, the calculation is the same, the first small and then the large are added at the same time, and the first large and the last small are subtracted at the same time, and the forward of this question is USD1=

This is an easy way to memorize, in fact, there are several markers, and I won't explain them in detail here, but these are generally enough, just memorize, just want to figure it out and think about it yourself.

The direct pricing method is different from the indirect pricing method, except for the US dollar and the British pound, which use the direct pricing method, and the currencies of other countries use the indirect pricing method. Three months 245-215 represent the ** price and the selling price respectively, taking the example you gave, in the flange overcoming market, the spot bank uses one dollar**, and when selling, the bank can earn with one dollar. Under the direct pricing method, the ** price and the selling price are exactly opposite, so the calculation is also opposite.

Under the direct pricing method, the decimal number is in the first and the large number is in the last, which is the premium; Under the indirect pricing method, the large number comes first, and the decimal number comes last, which is the premium. We also need to understand that in fact, premiums and discounts are relative, and the premium for one country's currency corresponds to another country's currency as a discount. The premium and discount we are talking about here are relative to the base currency.

Whether it is the direct pricing method or the indirect pricing method, if the forward price difference is small before and then large, it means that the base currency has a premium, and the forward exchange rate is a premium.

If the forward spread is large and small, it means that the currency has a discount, and the forward exchange rate spot exchange rate - discount.

Spot exchange rate (spot

rate), also known as the spot exchange rate, refers to the exchange rate used by buyers and sellers for delivery on the same day or within two business days after the foreign exchange transaction is concluded. Forward rate (forward

rate) refers to the exchange rate at which the buyer and the seller sign a contract to reach an agreement on the agreed date in the future. Forward foreign exchange trading is introduced due to the different time required by foreign exchange buyers for foreign exchange funds, and in order to avoid foreign exchange risks.

If a country's currency tends to strengthen and the forward exchange rate is higher than the spot exchange rate, the forward difference is called a premium; If a country's currency tends to weaken and the forward exchange rate is lower than the spot rate, the forward spread is called a discount. In practice, the forward spread is often expressed in points, and each point is 1/10,000, i.e.

The difference between the spot exchange rate and the forward exchange rate: under the direct pricing method, the foreign exchange premium indicates that the forward exchange rate is greater than the spot exchange rate; Forward discount means that the forward rate is less than the spot rate. Under the indirect pricing method, the foreign exchange premium indicates that the forward exchange rate is less than the spot exchange rate; Forward discount means that the forward rate is greater than the spot rate.

The relationship between spot exchange rate, forward exchange rate and swap rate can be summarized as follows:

Under the direct pricing method: forward exchange rate = spot exchange rate + premium, forward exchange rate = spot exchange rate - discount.

Under the indirect pricing method: forward exchange rate = spot exchange rate - premium, forward exchange rate = spot exchange rate + discount.

It is important to be proficient and able to use the conversion relationship between the spot exchange rate and the forward exchange rate described above.

In international financial practice, some foreign exchange banks do not state whether the forward difference is a premium or a discount, but only quote two numbers, one large and one small, according to the convention, representing the points of premium and discount respectively. However, the specific number is the premium and which number is the discount, which needs to be judged according to the specific situation, and the specific rules are as follows:

1) Under the direct pricing method, if the forward spread is shaped like a "decimal large number", it represents the forward exchange rate premium of the base currency, and the forward exchange rate is equal to the spot exchange rate plus the forward difference.

2) Under the direct pricing method, if the forward spread is shaped like "large and small", it means that the forward exchange rate of the base currency is discounted, and the forward exchange rate is equal to the spot exchange rate minus the forward difference.

In other words, under the direct pricing method, if the two numbers of the forward difference given in the title are "small before and large after", it means that the forward premium is added, and the two numbers can be added to the two exchange rate values (foreign exchange ** price and selling price) of the given foreign exchange respectively; On the contrary, if the two figures of the forward spread given in the title are "the first is larger and the latter is small", it means that the forward discount can be subtracted by two digits from the two exchange rate values of the given foreign exchange. Under the indirect pricing method, if the two figures of the forward difference given in the question are "small before and large after", it means that the forward discount is deducted, and the two exchange rate values of the foreign exchange given can be subtracted by two numbers (foreign exchange selling price and ** price); On the contrary, if the two figures of the forward difference given in the question are "the first big and the last small", then the forward premium, and the two figures can be added to the two exchange rate values of the given foreign exchange respectively.

Forward rate = spot rate + spot rate (b call rate a call rate) forward days 360

The formula for calculating the forward exchange rate is an important and useful formula in the international financial market. By calculating the formula.

It can be found that the forward exchange rate of currency A B has nothing to do with the future trend of the exchange rate of the two currencies A and B, and the discount of the forward exchange rate (lower than the spot exchange rate) does not mean that the exchange rate of these two currencies will be ** in the future, but only indicates that the interest rate of currency A is higher than the interest rate of currency B.

Similarly, a forward contango does not mean that the currency exchange rate will rise in the future, but only indicates that the interest rate of currency A is lower than that of currency B. The forward rate is only related to the interest rate of the two currencies A and B and the number of days of the forward. Knowing this is useful for using forward business to protect against exchange rate risk.

Forward exchange rate Spot exchange rate + premium or discount (note: small and large is premium, large and small are premium) one-month forward exchange rate is: 56 45

From the forward exchange rate, it can be seen that the US dollar is discounted after a month, so:

After one month, the forward rate is USD JPY=(

In contrast, the dollar depreciated and the yen appreciated.

After three months, the US dollar will still be discounted, and it can be calculated in the same way.

Spot exchange rate USD1=

6 months premium 150

Solution: Under the direct pricing method, the forward exchange rate = spot exchange rate - discount points Therefore, the forward exchange rate for 6 months is: USD1=

Let's say you want to put dollars after three months.

What should I do if I convert it into yen? There are two ways to do this, one is to convert dollars into yen now and keep them in yen for three months, and the other is to deposit dollars for three months and then convert them into yen with interest at maturity. The yen obtained by these two methods must be the same, otherwise there will be arbitrage opportunities in the market.

However, the interest rates of the US dollar and the Japanese yen are different, so the exchange rate levels used by the two methods are also different, the first method uses the spot exchange rate, while the second method uses the forward exchange rate. Therefore, the forward ** is mainly formed by the spot exchange rate plus or minus the interest rate differential between the two currencies. If the U.S. dollar (i.e., the first currency or currency with a constant value) is considered to be currency A, and the Japanese yen (i.e., the second currency or currency with a change in value) is considered to be currency B, their forward formula is:

Forward Exchange Rate Spot Exchange Rate ?Spot exchange rate (bCALL rate aCALL rate) Forward days 360?(Accurately capture the first day of ****!) Enter....)

Six-month forwards: GBP USD (

1. The spot exchange rate, also known as the spot exchange rate, refers to the current trading rate of a currency in the spot market. That is, the exchange rate at which the two parties reach a foreign exchange purchase and sale agreement and handle the delivery within two working days. This exchange rate is generally the current exchange rate in the foreign exchange market.

2. The forward exchange rate is the symmetry of the "spot exchange rate". The exchange rate at which forward foreign exchange is bought and sold. It is usually specified in the forward foreign exchange purchase and sale contract. At the expiration of a forward contract, the buyer and the seller are required to deliver at the forward exchange rate specified in the contract, regardless of changes in the spot exchange rate.

The method of converting the forward exchange rate with the spot rate is as follows:

Spot and forward forward forex trading:

1. Forward Trading** In forward foreign exchange trading, foreign exchange** is more complicated. Because the forward exchange rate is not the realized exchange rate that has been delivered or is being delivered, it is the change of people's future exchange rate on the basis of the spot exchange rate.

1. Contango: When the forward exchange rate of a currency in the foreign exchange market is higher than the spot exchange rate, it is called contango. For example, the ratio of the US dollar to the mark in the spot foreign exchange market is 1:, and the price of the US dollar to the mark for a three-month period is 1:. At this point the mark raised water.

2. Discount: When the forward exchange rate of a currency in the foreign exchange market is lower than the spot exchange rate, it is called a discount. For example, the ratio of the US dollar to the mark in the spot foreign exchange market is 1:, and the price of the US dollar to the mark for a three-month period is 1:. At this time, Mark is discounted.

3. Arbitrage exchange rate: The value relationship between two currencies usually depends on the exchange rate at which they are exchanged for US dollars. For example, 1 pound = 2 US dollars, and the German mark = 1 US dollar, then 3 marks = 1 pound sterling, the exchange rate between the two non-US dollars is called the arbitrage exchange rate.

Remarks: 1. The delivery period of foreign exchange trading can be divided, and the exchange rate can be divided into spot exchange rate and forward exchange rate. The so-called delivery refers to the performance of the transaction contract between the buyer and the seller, and the act of granting and receiving both money and goods.

The delivery of foreign exchange trading refers to the behavior of the buyer of foreign exchange paying the national currency and the foreign exchange buyer paying foreign exchange. Due to the different delivery dates, the exchange rate will vary.

2. The spot exchange rate, also known as the spot exchange rate, is the exchange rate used by the buyer and the seller to handle the foreign exchange delivery within two business days after the transaction.

3. The forward exchange rate, also known as the exchange rate of foreign exchange, is the exchange rate agreed in advance between the buyer and the seller for foreign exchange delivery on a certain date in the future.

The 6-month GBP USD calculation is incorrect.

Six-month forwards: GBP USD (

The swap rate is small before and after the large number is used in addition, and it is used.

Your answer is wrong, it's not 35 it's 33

Spot foreign exchange trading business refers to the transaction between the two parties according to the spot exchange rate of the foreign exchange market at the time of the transaction on the trading day.