Here are direct spot and forward markets quotes for EUR over three points in time: now (1/1/XX), one month later (2/1/XX), three months later (4/1/XX), and six months later (7/1/XX). On 1/1/XX, Dell sold a 1 month forward contract of EUR 1,000,000 to Chase. As a result IBM will incur a when the contract expires: Profit of $7,000 Loss of $7,000 Loss of $26,500 Profit of $26,500