13.Which of the following about foreign exchange markets is NOT correct? Select one:

a. If a bid price on the quote USD/EUR is 0.6467 and the offer price is 0.6470, the spread is 3 points.

b. According to the textbook, the spot rate USD/CHF means the spot price of US dollar in terms of the CHF.

c. Foreign exchange transactions entered into today, and for settlement tomorrow are referred to as tom value transactions

d. If an increase in the interest rate is a result of an increase in inflationary expectations, then, all else being constant, the currency will appreciate.

e. Transactions entered into today with same-day settlement are called tod value transactions.