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Foreign exchange trader at sumitomo bank

Problem: As a foreign exchange trader at Sumitomo Bank, one of your customers would like a yen quote on Australian dollars. Current market rates are:

Spot 30-day

¥101.37-85/U.S.$1 15-13

A$1.2924-44/U.S.$1 20-26

a. What bid and ask yen cross rates would you quote on spot Australian dollars?

b. What outright yen cross rates would you quote on 30-day forward Australian dollars?

c. What is the forward premium or discount on buying 30-day Australian dollars against yen delivery?

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Finance Basics: Foreign exchange trader at sumitomo bank

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