Kneeling for the answer of the physical examination of the International Finance and Economics TV University, an American enterprise imported a batch of goods from Canada in early June.

Date spot market futures market

June 1, spot exchange rate 1 USD = 1.20 Canadian dollars, and 500,000 Canadian dollars is equivalent to 4 16666 US dollars. Buy five futures contracts due in September at a price of $0.8450/Canadian dollar, worth $422500.

September 1, spot exchange rate 1 USD = 1. 19 Canadian dollars, and 500,000 Canadian dollars is equivalent to 420 168 US dollars. Sell five futures contracts due in September at a price of $0.8520/Canadian dollar, worth $426,000.

The result was a loss of $3,502 and a profit of $3,500.

If the Canadian dollar depreciates instead of appreciating by the beginning of September, the profit of the enterprise in the spot market will make up for the loss in the futures market. Therefore, no matter how the Canadian dollar changes in the future, enterprises will not lose money or make money.

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