The prevailing one-year risk-free interest rate in Malaysia is higher than in Australia and will continue to be higher. Sycamore Co. believes the international Fisher effect can be used to derive the best forecast of the ringgit's exchange rate movement over time.

However, you believe that the prevailing spot rate is the best forecast of the future spot rate. Will Sycamore Co. overestimate, underestimate or create a unbiased forecast on the future spot rate of the Malaysian ringgit?