Suppose that the spot rate of EUR is 1.1380 USD for 1Euro. 1 year forward rate is 1.1300 USD for 1 Euro. Suppose that the 1 year USD interest rate is 0.60% annualized and Euro interest rate is 0.15% annualized. Rates are compounded annually, for example 1USD a year from now grows to 1*(1+0.60%) USD). Is there an arbitrage opportunity? If there is describe it: what you buy, what you sell what you borrow or put into a bank etc.