1. (I'm not sure whether the understanding is correct or not), the strike price is 1.4, and the current price is 1.25, that is, the dollar has gone up. At this time, traders can trade on the premise of American options; If it is a European option, it can only be traded in June.

2. The underlying assets of foreign exchange transactions are currency pairs, that is, the change of one currency relative to another. When one side rises, the other side falls. No matter which side gains or loses, there is no intrinsic value in the process of change, just like gambling. Moreover, in practice, it is not only zero-sum, but also negative sum for individuals engaged in trading, because no matter whether they win or lose, they have to give traders a difference and a handling fee.

3. The price difference between forward and current price mainly includes the expectation of future price and the risks existing in the forward contract.

I hope it helps.