If U$.$S$.$ firms attempt to use covered interest arbitrage to capitalize on the high Argentine peso interest rate, what forces should occur?

$1.$ Spot rate of peso decreases; forward rate of peso decreases.

$2.$ Spot rate of peso increases; forward rate of peso decreases.

$3.$ Spot rate of peso increases; forward rate of peso increases.

$4.$ Spot rate of peso decreases; forward rate of peso increases.