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Lecture Financial risks management - Topic 5: Exchange rates, spot quotes, transactions, forwards, and appreciations

Topic 5 - Exchange rates, spot quotes, transactions, forwards, and appreciations. The main goals of this chapter are to: Students can obtain and interpret exchange rates, students can convert currencies using, students can compute and interpret currency appreciations and depreciations, students can compute forward premiums. | Topic #5: Exchange Rates, Spot Quotes, Transactions, Forwards, and Appreciations L. Gattis Multinational Financial Management 1 Learning Objectives 2 Students can obtain and interpret exchange rates Students can convert currencies using direct and indirect exchange rate quotations Bid and Ask quotations Students can compute and interpret currency appreciations and depreciations Students can compute forward premiums Direct and Indirect Prices: Latte 3 The price of a Latte is 3.30 U.S. dollars Direct Price Quote: $3.30/Latte This a called a direct quote in USD for an American buyer You could also say that the Latte price of a USD is 0.3030 Latte Indirect Quote: 0.3030 Latte/USD This a called a indirect quote Lattes are always quoted in direct terms $3.25 Direct and Indirect Prices: Euro 4 The price of a Euro is 1.25 U.S. dollars Direct Quote: $1.25/Euro This a direct quote in USD for an American You could also say that the euro price of a USD is .80 euro Indirect Quote: €0.80/USD This a called a indirect quote The euro is usually quoted in direct terms $1.25/€ Direct and Indirect Prices: Danish Kroner 5 The price of one Krone is .16 U.S. dollars Direct Quote: $0.16/Krone This a direct quote in USD for an American You could also say that the krone price of a USD is 6.25 krone Indirect Quote: Kr 6.25/USD This a called an indirect price The krone is usually quoted in indirect terms, others include Jap. Yen, Swiss Franc, Can. dollar, Chinese yuan, Mexican peso Kr6.25/$ 6 ISO Currency Codes 7 http://en.wikipedia.org/wiki/ISO_4217 Bloomberg.com and Currency Pairs 8 http://www.bloomberg.com/markets/currencies/fxc.html Pairs Format BASE-QUOTE (EUR-USD) BASEQUOTE (EURUSD) BASE/QUOTE (EUR\USD) Currency Conversions 10 | Topic #5: Exchange Rates, Spot Quotes, Transactions, Forwards, and Appreciations L. Gattis Multinational Financial Management 1 Learning Objectives 2 Students can obtain and interpret exchange rates Students can convert currencies using direct and indirect exchange rate quotations Bid and Ask quotations Students can compute and interpret currency appreciations and depreciations Students can compute forward premiums Direct and Indirect Prices: Latte 3 The price of a Latte is 3.30 U.S. dollars Direct Price Quote: $3.30/Latte This a called a direct quote in USD for an American buyer You could also say that the Latte price of a USD is 0.3030 Latte Indirect Quote: 0.3030 Latte/USD This a called a indirect quote Lattes are always quoted in direct terms $3.25 Direct and Indirect Prices: Euro 4 The price of a Euro is 1.25 U.S. dollars Direct Quote: $1.25/Euro This a direct quote in USD for an American You could also say that the euro price of a USD is .80 euro Indirect Quote: €0.80/USD This a