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On October 1, 2010, the spot price of the Euro was $1.46, and the price of the December 2010 futures contract was $1.45. During October

On October 1, 2010, the spot price of the Euro was $1.46, and the price of the December 2010 futures contract was $1.45. During October 2010 the Euro appreciated, so that by November 1, 2010, it was selling for $1.51. What do you think happened to the price of the December 2010 Euro futures contract during November 2010? Give your reasoning?

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