请教国际金融的作业！！！~~急~~~~~

Answer 1

　　1) What is the cross-rate in London (Z/$)?
　　用 6.5492/1.7936=3.651427
　　2) What is the arbitrage profit?
　　由于在伦敦Z币被高估了3.7826>3.651427 所以在在纽约用1美元换3.6514的Z元，然后用Z元换英镑，再用英镑换美元，会得到比1美元更多的美元 多出来的就是套利利润了

　　2. A company has 1 million 3-month Eurodollar loans based on LIBOR, the Eurodollar futures contracts for 3-month delivery closed at a price of 94.30.
　　Questions
　　1) How can the company use the Eurodollar futures to make hedge?
　　由于他在未来要支付1百万美元。可以进入一个远期多头（也就是3各月后按照94.3的价格买入1百万美元，这样就对冲掉了3各月后的汇率变动的风险）。注意这个多头标的的资产要是1百万美元。
　　2) What is the lock cost of the company’s loans?
　　对冲之后，由于期货价格是 94.3，所以价格被锁定在94.3万的本币付出上

　　3.
　　1) How much did Mr. Karam make if the euro rose to $1.62?
　　这个男人买了一个看涨期权，执行价格是1.56，期权费用是0.0275
　　现在的汇率是1.4
　　如果汇率上升到1.62，他可以用1.56买入 这样他每一英镑赚了0.06再减去期权费用，一英镑赚了0.06-0.0275，再乘以50000就是他赚的钱
　　2) What did the exchange rate have to be for him to break even?
　　持平的价钱就是1.56+0.0275=1.5875.汇率上升到这个时候 他保本

　　4.
　　这个答案你都已经有了

　　5.
　　1) Calculate the daily margin changes.
　　举个例子 他开始在自己的保证金账户有6752美元
　　他买了4个期货 标的是4*125000的FANC
　　买价的汇率是$0.6251/Sfr
　　第一天完了 汇率变成$0.6252/Sfr 这个标的货币变贵了 原来4*125000可以换
　　4*125000*0.6251的美元 现在可以换4*125000*0.6252的美元
　　这个多出来的美元4*125000*0.6252-4*125000*0.6251就加入保证金账户了
　　然后以此类推就能算出每天的保证金账户余额了

　　2) Would the value of futures contracts be more expensive or cheaper relative to dollar?
　　这个问题之需要看最后一天的汇率是0.6806>0.6251 所以赚了

Answer 2

CORRECT: WORLD FOREX: Dollar A Bit Higher Vs Euro After US Data

("WORLD FOREX: Dollar A Bit Higher Vs Euro After US Data," at 8:47 a.m., EDT, omitted the word 'World Forex' from the title. A corrected version follows with additional information)

By Dan Molinski

OF DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- The dollar is modestly stronger Thursday morning in New York as a negative U.S. jobs report and lower stock markets in Asia pull risk appetite out of the market and push investors back into the dollar for safety.

The number of idled workers filing new unemployment benefit claims rose more than expected last week, driven higher by filings in car-industry states, according to data out Thursday from the U.S. Labor Department.

But the dollar's gains are being hamstrung by another U.S. economic report out Thursday that showed producer prices climbed 0.3% in April, which was more than the 0.1% rise economists were expecting. Some investors are concerned that U.S. inflation could take off, weakening the value of the dollar.

"The downside momentum (in the dollar) that seemed so strong in recent days has eased, but the tone remains fragile," said currency analysts at Brown Brothers Harriman in a research note.

Early Thursday in New York, the euro was at $1.3563 from $1.3591 late Wednesday. The dollar was at Y95.57 from Y95.30, according to EBS. The euro was at Y129.58 from Y129.43. The U.K. pound was at $1.5099 from $1.5155. The dollar was at CHF1.1104 from CHF1.1072 late Wednesday.

The dollar's moderate gains come after it declined earlier in the week to a seven-week low against the euro and a four-month low against sterling as some investors began to bet on higher-yielding currencies in the hopes the global economy was starting to recover.

That positive sentiment seems to have been cast aside for the time being in currency markets.

Meantime, the Canadian dollar is little-changed from late Wednesday in light and narrow dealings, with the ebb and flow of global risk aversion as reflected in equity market valuations remaining the key influence on the currency.

Having weakened recently from six-month highs as the global market environment turns more risk-averse, the Canadian dollar is "in the midst of a needed corrective move," according to currency strategists at Scotia Capital in Toronto. However, they suggest that until the U.S. dollar can break and close above the C$1.1917 mark, the U.S. unit likely remains biased for further downside, with initial support in the C$1.1680 region.

Early Thursday, the U.S. dollar is trading at C$1.1752, from C$1.1768 late Wednesday.

-By Dan Molinski, Dow Jones Newswires; 201 938-2245; dan.molinski@dowjones.com

(END) Dow Jones Newswires

May 14, 2009 09:19 ET (13:19 GMT)

Copyright (c) 2009 Dow Jones & Company, Inc.