Question: jonathan is entering a futures to buy 10000 usd by...
Jonathan is entering a futures to buy 10,000 USD by AUD at the futures exchange rate of 1.25 AUD/USD on 1/3/2020. He is required to open an initial margin of $1,500 and maintain it above $1,000. The daily exchange rate for 'mark to market' mechanism is given below:
|Date||Exchange rate (AUD/USD)|
Assuming Jonathan still holds the position on 9/3/2020, what is the daily gain/loss and balance of the margin account on 9/3/2020?