Which of the following statements is INCORRECT?

a.

The FX markets operate around the globe 24 hours a day.

b.

The spot exchange rate is 0.6692. The forward point is 9. If the base currency is at a forward premium against the terms currency, then the forward exchange rate is 0.6701.

c.

A FX speculator does not necessarily make the expected profit even if the exchange rate moves in his/her anticipated direction.

d.

The Singapore dollar adopts a floating exchange rate regime.

e.

If the Reserve Bank of New Zealand wished to cause the NZD to depreciate, it would buy foreign currency.