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. Based on this transaction: Dell will pay EUR 1,327,100 to Chase in 1 month, and will receive USD 1,300,600 from Chase One in 1 month Dell will pay EUR 1,000,000 to Chase in 1 month, and will receive USD 1,327,100 from Chase in 1 month Dell will pay EUR 1,000,000 to Chase in 1 month, and will receive USD 1,300,600 from Chase in 1 month Dell will pay USD 1,300,600 to Chase in 1 month, and will receive EUR 1,320,100 from Chase in 1 month