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On the day that news hit the street, the rupiah soared by 28% against the U.S. dollar on both the spot and one year forward markets.
There is no possible way that Wall Street can predict the earnings, margins, or growth of Apple, let alone the mood of the market one year forward.
The technical term is the fund's "one year forward commitment capacity," which for "Q3 to date" is 246 billion special drawing rights, or S.D.R.'s, which exist only at the I.M.F.
"There's a limitation to the futures market, because it only trades one year forward," says Fritz Siebel, a broker with Traditional Financial Services, the largest trader of housing futures.
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In other words, if the current interest rate is 6.5percentt, a borrower with a one-year forward commitment/early rate lock will end up paying 6.75percenttoto 6.83 on the mortgage when it is taken out a year from now.
Money has poured into east Asia since late September, and the currency has inched up, briefly approaching 7.7 Hong Kong dollars to the American dollar in spot trading, and 7.76 in one-year forward contracts.
The reason five-year growth rate estimates are the norm (rather than one-year forward estimates) is to help smooth out the volatility that is commonly found in corporate earnings due to the business cycle and other macroeconomic factors.
According to a study by J.P. Morgan, 45% of companies in the MSCI Europe ex U.K. index are selling at P/E multiples below 15, measured on a one-year-forward basis.
This game was exactly one year after forward Sean Avery was traded by the Kings to the Rangers.
A window means a "window" will open up for a year where survivors whose time to come forward has expired will have one year to come forward during the window and file a civil lawsuit.
The fact is, we haven't even spent anything like 1%, or £14bn per annum, since Stern's report was published, and every pound we don't spend in one year is carried forward to the next.
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