ftwcfa

I dont have the example infront of me, but easiest way of attempting Currency Forward settlement payoffs is:

1. You have the forward contract.
2. On the settlement day, ask this question. Are you (GEMCO) better off without the contract?
3. If you are better off without the contract, then it is you who is paying.
4. If you are NOT better off wiithout the contract, then it is you who is receiving.

If you attempt it this way, it would never be confusing.