The following information with regard to Australian dollar futures quotes are extracted from Chicago Mercantile Exchange (CME) on 15 Sep. 17. Australian dollar futures USD/A$, Contract size A$ 100,000

Month	Open	High	Low	Last	Change	Settle	Open interest
Dec 17	0.7995	0.7997	0.7977	0.7989	+0.0012	0.7977	50,250

a. You speculate that strong US economic data released recently may have positive impact on the value of USD against A$. Given that, you have forecasted USD/A$ spot rate in December 2017 as 0.7794. What is your speculative position in making profit? Show your workings. b. You have read an analysist report that takes the opposite view of the currency price fluctuations mentioned in part a) above. The report assumes that the recent hostile whether condition in USA may have negative impact on the economic performance, which may lead to USD/A$ rate to be 0.8004 by December 2017. If you agree with this view, what would be your speculative position? Show your workings.