USD spot and forward exchange rates are trading in a band, at the following rates:

Spot $2.5472/

90 day forward $2.5450/

180 day forward $2.541620/

You get together with your trading desk and ask them to price two trading arbitrage opportunities if the following conditions exist:

1. A 180 day European-style call option to buy one euro = $2.51 costs $0.036.

2. 90 day European-style put option to sell one euro for $2.57 costs $0.036.

Describe the relevant trading strategies that the Arbitrageur could undertake to exploit any mispricing in the market.