How can exchange-rate risk be hedged using forward, futures, and options contracts? A. Firms can buy a call option to hedge against a fall in the exchange rate. B. Firms can sell forward contracts to hedge against a fall in the exchange rate. C. Fims can buy forward contracts to hedge against a fall in the exchange rate. D. All of the above How might an investor use forward, futures, and options contracts to speculate on the future value of a currency? (Check all that apply.) A. For forward contracts, if an investor becomes convinced that the future value of the euro will be lower than other people in the foreign-exchange market currently believe, the investor can soll euros in the forward market. B. For options, if a firm is concerned that the value of a currency will fall more than expected, it could hedge against this risk by selling put options on the currency C. For options, if the value of the currency falls below the strike price, the firm could exercise the option and sell at the above-market) strike price OD. For forward contracts, if the value of the euro falls, then the spot price of the euro in the future will be higher, which will allow the investor to fulfill the forward contract at a profit