Of particular importance to potential currency exchange risk are existing and expected rates of in[]ation, existing and expected interest rate levels, the balance of payments and the extent of governmental surpluses or de[]cits in the relevant economy. Exchange Rates Every foreign exchange transaction involves two currencies: The return of only the principal amount may not compensate you for the effects of inflation and other factors relating to the value of money over time. Speci[]c currencies’ exchange rates are volatile and are affected by numerous factors speci[]c to each foreign country. Convergence of currency interest rates will negatively affect carry trade performance.

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Spot Rate The exchange rate contracted for immediate delivery.

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tdx The computer show the following symbols: These secondary market prices are also likely to be reduced by the costs of unwinding the related gfj transactions. Comments to this Manuals Your Name. Reasonably current bid and offer information is available in certain brokers’ offices, in bank foreign currency trading offices and to others who wish to subscribe for this information, but this information will not necessarily be reffected in the currency values used to calculate their performance.

Hypothetical performance results do not represent actual trading and are generally designed with the benefit of hindsight. There is 335 regulatory requirement that those quotations be firm or revised on a timely basis.

Some factors that influence currency rates are economic developments, budget de[]cits, geopolitical concerns, capital []ows or a relative change between countries’ interest rate policies. If you are not totally satisfied with this GFM product, you may return it Reorient or relocate the receiving antenna.


The currency markets are subject to temporary distortions or other disruptions due to various factors, including government regulation and intervention, the lack of liquidity in the markets, and the participation of speculators. Hypothetical performance results have inherent limitations. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.


Important Information This material was prepared by sales, trading or other nonresearch personnel of Morgan Stanley Smith Barney together with its a[]liates, hereinafter “Morgan Stanley”.

If the issuer defaults on its obligations, a Structured Investment, the investment would be at risk and an investor could lose some or all of its investment.

System Requirement Specification 3 in 1 Digital Camera: Exchange rates between one currency and another are volatile and are the result of numerous factors including the supply of, and the demand for, those currencies, as well as government policy, intervention or actions, and are also significantly influenced from time to time by political or economic developments and by macroeconomic factors and speculative actions related to different regions.

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Exchange Rate The value of one currency in units of another currency, or the rate at which one currency can be exchanged for another. Please read and consider the risk factors set forth under “Selected Risk Considerations” as well as the specific risk factors contained in the offering document for any speci[]c Structured Investment. Each month, a basket of forward contracts is constructed based on the prevailing interest rates associated with each currency’s economy and that of the U.

To print the manual completely, please, download it. Any actual or anticipated decline in the issuer’s credit ratings or increase in the credit spreads charged by the market for taking credit risk of the issuer is likely to adversely affect the market value of the PPN. Key Terms Interest Rate The rate paid to borrow money or, conversely, the yield generated by lending money.

As a global leader in foreign exchange markets and Structured Investments, Morgan Stanley Smith Barney can provide access for individual investors to some of the currency strategies used by institutional investors. The return on your investment may be less than that of an ordinary debt security.


Structured investments may not pay interest or guarantee return of principal. The PPN are not guaranteed by any other entity. The absence of last-sale information and the limited availability of quotations to individual investors may make it difficult for many investors to obtain timely, accurate data about the state of the underlying foreign exchange markets.

In periods of financial turmoil, capital can move quickly out of regions that are perceived to be more vulnerable to the effects of the crisis than others with sudden and severely adverse consequences to the currencies of those regions.

Furthermore, Morgan Stanley Smith Barney Structured Investments can enhance an investment strategy by incorporating benefits such as leveraged participation or principal protection at maturity, subject to issuer credit risk. Investing in Structured Investments is not equivalent to investing directly in the underlying instruments. Page of 11 Go.

In other words, forward contracts trading at a forward premium predicting future spot rates will be greater than current spot rates tend to predict more appreciation than actually occurs. Please download pictures to your computer before tfm out the battery, or your photos will be lost. Currency investments generate returns from two sources: Connect the camera to the computer with a USB cable.

Don’t show me this message again. Structured Investments are not guaranteed by any other entity.