English to Portuguese Bus/Financial Business/Commerce (general)

At the time, U.K. interest rates were a lot lower than U.S. rates. Consequently, forward sterling was trading at a huge premium to the spot rate. [If two countries have different interest rates, forward months of the currency with lower rates will invariably trade at a premium to the spot currency rate. If such a premium did not exist, it would be possible to borrow funds in the country with lower rates, convert and invest the proceeds in the country with higher rates, and buy forward currency positions in the currency with lower interest rates to hedge against the currency risk. The participation of interest rate arbitrageurs assures that the forward premiums for the currency with lower interest rates will be exactly large enough to offset the interest rate differential between the two countries.]