The following exchange rates have been abstracted from the official website of West Pac Banking Corporation.

Country-currency	As at 1st April 2018			As at 31h March 2019
	BID	ASK	MID	BID	ASK	MID
USA-USD	0.8028	0.7257	0.7643	0.7466	0.6727	0.7097
Western Samoa-WST	2.0894	1.8145	1.9520	1.9897	1.6918	1.8408
Sweden-SEK	6.6909	6.0356	6.3633	6.8446	6.2005	6.5226
Hong Kong-HKD	6.2682	5.7243	5.9963	5.8083	5.3083	5.5583
Canada-CAD	1.0327	0.9377	0.9852	0.9876	0.8970	0.9423
Fiji-FJD	1.6673	1.4559	1.5616	1.6168	1.4099	1.5134
Saudi Arabia - SAR	3.0015	2.7354	2.8685	2.7828	2.5354	2.6591
Thailand-THB	24.9800	22.6900	23.8350	23.4469	21.2546	22.3508

Required:

1. List and explain the major participants of the retail and the wholesale segments of the foreign exchange market.

2. Has AUD depreciated/appreciated against WST and USD? Use the middle exchange rates to estimate the foreign exchange rate change during the year endeding 31^st March 2019.

3. Explain how exchange rate changes recorded during the year ending 31^h March 2019 in WST and USD could have affected the Australian balance of payments with each country.

4. Estimate bid and ask spreads for FGD and CAD on 31^st March 2019.

5. Convert the following cash flows as requested using the exchange rates as at 31^st March 2019.
   • SAR100,000 advance payment to a prospective supplier in Saudi Arabia.
   • THB value of AUD5,000, which is expected to be used by you in your forthcoming Bangkok tour.