3. (25 points) You trade currency for A Bank in NY. You have $10 million to begin with, and you must state all profits at the end of any speculation in U.S. dollars. The spot rate on the euro is $1.4388/, while the 30-day forward rate is $1.4330/. 1). If you believe the euro will continue to rise in value against the U.S. dollar, so that you expect the spot rate to be $1.6700/ at the end of 30 days, what should you do? A short position or a long position? 2). If you believe the euro will depreciate in value against the U.S. dollar, so that you expect the spot rate to be $1.3500/ at the end of 30 days, what should you do? A short position or a long position?