Estimate the difference between short-term interest rates in Japan and the United States on May 21, 2020,
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Estimate the difference between short-term interest rates in Japan and the United States on May 21, 2020, from the information in Table 5.4.
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Table 5.4 Futures quotes for a selection of CME Group contracts on foreign currencies on May 21, 2020. Open High Low Prior settlement Last trade Change Volume Australian Dollar, USD per AUD, 100,000 AUD June 2020 0.6597 0.6599 0.6549 0.6601 Sept. 2020 0.6598 0.6598 0.6549 0.6567 -0.0034 92,674 0.6602 0.6563 -0.0039 316 1.2219 -0.0012 1.2246 +0.0010 69,106 388 0.71705 -0.00285 51,980 0.72000 0.71720 -0.00280 562 0.72015 0.71680 -0.00335 164 1.09915 1.09510 -0.00405 136,609 1.09750 -0.00370 1,013 1.10100 -0.00250 277 61,018 453 British Pound, USD per GBP, 62,500 GBP June 2020 1.2235 1.2250 1.2186 1.2231 Sept. 2020 1.2217 1.2253 1.2191 1.2236 Canadian Dollar, USD per CAD, 100,000 CAD June 2020 0.71930 0.71985 0.71575 0.71990 Sept. 2020 0.71915 0.71910 0.71665 Dec. 2020 0.71790 0.71905 0.71680 Euro, USD per EUR, 125,000 EUR June 2020 1.09840 1.10140 1.09415 Sept. 2020 1.10050 1.10320 1.09650 1.10120 Dec. 2020 1.10190 1.10550 1.09850 1.10350 Japanese Yen, USD per 100 yen, 12.5 million yen June 2020 0.93015 0.93035 0.92745 0.93070 Sept. 2020 0.93040 0.93125 0.92895 0.93200 Swiss Franc, USD per CHF, 125,000 CHF June 2020 1.0371 1.0374 1.0303 Sept. 2020 1.0397 1.0397 1.0336 0.92970 -0.00100 0.93125 -0.00075 1.0374 1.0304 -0.0070 18,155 1.0402 1.0342 -0.0060 55 Bitcoin, USD per BTC, 5 BTC May 2020 9585 9610 8815 9570 9050 -520 8,738 June 2020 9655 9680 8900 9640 9165 -475 1,504 July 2020 9710 9710 8930 9685 9105 -580 130
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