You are the treasurer of a U.S. firm that has a €1 million commitment due to a German firm in 90 days. The current spot rate is $1.00 per euro, and the 90-day forward rate is $1.11. Ali forecasts that the spot rate in 90 days will be $1.01. Jahangir forecasts that the spot rate will be $1.12 in 90 days. The actual spot rate in 90 days turns out to be $1.10. Who had the best forecast and why?