Lock-in Rate

Hi John,

I’ve got a question which has given me spot rate to be 1.4461 and future rate of 1.4302 as at 1 March. We are making a payment at the end of June but don’t have June spot or future rate. So I thought to use the Lock in rate

March Future – 1.4302
March Spot – 1.4461
Basis (0.0159)

Lock-In = 1.4461 – 0.0159 = 1.4302 will this mean there will be no profit or loss on futures deal since the lock in rate is the same as the opening futures rate of 1.4302?

The solution has made up (I think) 3 possible futures rate of 1.3500 1.4500 and 1.5500 and worked the hedge with those figures

thanks