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Forex contracts involve the right to buy or sell a certain amount of a foreign currency at a fixed price in U. It is extremely rare that individual traders actually see the foreign currency.

If all goods were freely tradable, and foreign and domestic residents purchased identical baskets of goods, purchasing power parity (PPP) would hold for the exchange rate and GDP deflators (price levels) of the two countries, and the real exchange rate would always equal 1.

The home country is where a company is headquartered.

The firm is likely to be paid or have profits in a different currency and will want to exchange it for its home currency.

The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.