A、When the spot price is lower than the option exercise price. B、When the option exercise price is higher than the spot price. C

Currency options may have two kinds of value, intrinsic value and time value. If and to the extent that an option would currently be profitable to exercise, it is said to have intrinsic value. In the case of a call, if the spot price is higher than the option exercise price, the option has intrinsic value. In the case of a put, if the spot price is less than the option exercise price, the option has intrinsic value. Such options are said to bein-the-money’ . If the opposite is true of either calls or puts, they have no intrinsic value and said to be out-of-the-money’ .
28. What are the two kinds of value do currency options have?
29. When does a call option have intrinsic value?
30. What is the option said to be if it has intrinsic value?