Forex bid and offer quotes by JOE BANK:

NOK/ZAR BID:0.5606 & Offer:0.5672 (ZAR is the base currency)

EUR/USD BID:0.9103 & OFFER:0.9168 (USD is the base currency)

NOK/JPY BID: 0.0685 & OFFER:0.0725 (NOK is the base currency)

ARS/EUR BID: 918.8500 & OFFER: 994.1055 (ARS is the base currency)

1-What are the two bid rates that Joe Bank is quoting for the NOK in the above. Also explain in detail what those quotes mean. explain answer and include IOS currency code

2-How much EUR will Sam have to pay to buy USD250000 from Joe BANK? explain answer and include IOS currency code

3-How much NOK will Sam receive when he sells ZAR35 million to Joe Bank? explain answer and include IOS currency code

4-How much ARS will Joe Bank receive if they sells EUR1 million to Sam? explain answer and include IOS currency code

5-What is the mid-rate for the EUR/ARS quotation by Joe Bank? explain answer and include IOS currency code (TIP:Note the notation)

6-By how many "pips" do the EUR/ARS bid and offer rates differ as quoted by Joe Bank, differ? explain answer and include IOS currency code. (TIP:Note the notation)

Answer rating: 100% (QA)

Answer 1 The two bid rates that Joe Bank is quoting for the NOK are 05606 and 05672 The bid rate is ... View the full answer