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Question - Suppose the spot exchange rates quoted by three banks located in three different countries are as follows:
Bank A (Australia): £0.5115/A$
Bank B (U.K.): $1.2501/£
Bank C (U.S.): A$1.4012/$
Assume an Australian investor has an initial A$2.8 million and the investor can buy or sell currencies from the banks at the above quoted rates.
Required -
(i) Determine the exchange rate (i.e. cross-rate) between Australian Dollar (A$) and Great Britain Pound (£) using the quotes specified by Bank B and Bank C.
(ii) Determine if the investor can make a profit via triangular arbitrage. Calculate any profit or loss in Australian Dollar (A$). Show all calculation steps and both paths.
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