Today is Friday 19 April. You are a bank FX dealer. You look at your Reuters screen and see the following rates quoted:

1 month:100/90
2 months:195/175
O/N:– 0.4/+0.1
1 month:50/45
2 months:105/95
  1. Some time ago, your customer sold GBP forward against NOK for delivery on 3 June. He now discovers that he will need the NOK on 30 April instead. He therefore asks you for a swap price to adjust the deal’s maturity date. What price do you quote (in terms of NOK per 1 GBP)?
  2. Some time ago, you bought GBP from your customer against USD, and the deal matures today. He discovers (early enough) that he does not have the GBP in his account, and will not have them until 30 April. He asks you for a two-way price to swap the deal from today until 30 April. What price do you quote? On which side of the price do you deal?

He has discovered that he is not in fact going to receive the GBP in (b) at all, and decides to reverse the contract he made some time ago. He therefore asks you for a two-way outright value today price. What price do you quote? On which side of the price do you deal?

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