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1. On 25 April 2003 a trader bought three Australian dollar futures contracts at 0.5400 (USD/AUD). Calculate the US dollar value of the three contracts,
1. On 25 April 2003 a trader bought three Australian dollar futures contracts at 0.5400 (USD/AUD). Calculate the US dollar value of the three contracts, where the size of the Australian dollar futures contract is AUD 100,000. Assuming no daily price limit and no maintenance margin, calculate the value of the three Australian dollar futures contract and daily variations in the margin account as the settlement rate assumes the following values: 10 26 April 0.5600 27 April 0.5730 28 April 0.5430 29 April 0.5580 Date Settlement rate Value Margin account 25-Apr 0.540 26-Apr 0.560 27-Apr 0.573 28-Apr 0.543 29-Apr 0.558
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