The following are quotes from a currency dealer in the New York currency market:

Currency	Spot quote
Australian dollar (AUD/USD)	0.7832 - 0.7834
Brazilian real (USD/BRL)	3.2335 - 3.2365
British pound (GBP/USD)	1.3507 - 1.3509
Canadian dollar (USD/CAD)	1.2555 - 1.2557
Euro (EUR/USD)	1.1948 - 1.1949
Japanese yen (USD/JPY)	111.44 - 111.45
Mexican peso (USD/MXP)	19.3653 - 19.3718
New Zealand dollar (NZD/USD)	0.7181 - 0.7184
Thai baht (USD/THB)	32.1240 - 32.1430
Egyptian pound (USD/EGP)	17.6860 - 17.8460
South Korean won (USD/KRW)	1067.53 - 1069.53
Swiss franc (USD/CHF)	0.9789 - 0.9791

1a. Which currency above has the widest bid ask spread?

Which has the narrowest?

b. Which currency above has the widest percentage bid ask spread?

Which has the narrowest?

2. Using the quotes provided above, answer the following question. (Phrase your answer to the second part of each of the following as either If you sell one (identify the currency) to the dealer, you will receive (specify the number of units) (identify the currency) or If you buy one (identify the currency) from the dealer, you will pay (specify the number of units) (identify the currency).)

a. What is the bid price in the quote for the Australian dollar? Explain what it means.

b. What is the ask price in the quote for the New Zealand dollar? Explain what it means.

c. What is the bid price in the quote for the Mexican peso? Explain what it means.

d. What is the ask price in the quote for the Egyptian pound? Explain what it means.

3. Using the quotes provided above, how many US dollars a customer would receive from this dealer in exchange for one million

a. British pounds?

b. Thai baht?

c. Swiss francs?

d. New Zealand dollars?

(In these transactions, the customer is selling foreign currency and buying US dollars.)

4. Using the quotes provided above, how many units of the following foreign currencies would a customer receive from this dealer in exchange for one million US dollars?

a. Canadian dollars

b. Korean won

c. euros

d. Australian dollars

(In these transactions, the customer is selling US dollars and buying foreign currency.)

5. Using the quotes provided above, how many units of the foreign currency indicated would it take to purchase one million US dollars

a. Australian dollars

b. Brazilian real

c. British pounds

d. Mexican pesos

(In these transactions, the customer is selling foreign currency and buying US dollars.)

6. Using the quotes provide above, how many US dollars would it cost to purchase one million

a. euros?

b. New Zealand dollars?

c. Mexican pesos?

e. Egyptian pounds?