Suppose an importer in the United States needs to pay 500,000 euros in March of a certain year, and the current spot exchange rate is 1 euro = 1.25 million dollars.

Solution: According to the meaning of the problem,

March: spot exchange rate 1 euro =1.25,000 USD.

The futures price is 1 Euro = 1.2800 USD.

June: spot exchange rate 1 euro = 1.3 100 USD.

The futures price is 1 Euro = 1.3000 USD.

4 * 125000 * 1.3 1 = $655000

500,000 *1.25 = $625,000.

Pay more in June than in March: 655,000-625,000 = 30,000 USD.

This is because the appreciation of the euro has caused importers to suffer losses in the spot market. Since four Euro futures contracts were bought in June, the price of Euro futures contracts rose to 65,438+0 Euro = 65,438+0.3000 USD, so importers can now sell these four contracts and make a profit of 30,000 USD.

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