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2. King's Bank, a British company, purchases market research services from Harris Interactive, a U.S. company. As per the terms of the contract, payment is to be made three months later in U.S. dollars when the report is delivered. How would King's Bank like to see the exchange rate move, assuming it isn't hedging the transaction? It hopes that the U.S. dollar appreciates in value against the British pound. It hopes that the British pound appreciates in value against the U.S. dollar. It makes no difference, since they are the customer and the sale takes place in the UK. it hopes that there is no change between the spot rate and the forward rate. 3. The central bank of Country X buys and sells its own currency to ensure that the currency is always exchanged in a ratio of 2:1 with the currency of Country Y. What can we conclude about these two currencies? Country X is using the Euro Country X has pegged its currency to the currency of Country Y. Country X has an undesirable currency Country X allows its currency to float relative to the currency of Country Y. 4. When a currency is allowed to increase or decrease freely according to market forces, the currency is said to: be pegged to another currency be less valuable have independent float. devalue