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The main difference is that futures are a standardized contract traded on an exchange while forwards are negotiated.
Short Position: Want to sell. (eg. p96) You are expecting the currency to fall in value. Therefore you chose to sell the currency in the future to make a speculative profit.
Short Position (value at maturity) = - contract amount x (spot rate at maturity? futures rate/settle price)
Long Position: Want to buy (eg p 96). You are expecting the currency to gain in value. Therefore you chose to buy the currency in the future to make a speculative profit.
Long Position (value at maturity) = contract amount x (spot rate at maturity ? futures rate/settle price)
Example of a Future: Slide 5-4
Contract Specifications of Futures: Slide 5-6
Futures vs...
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