In a Currency Swap Involving a Receiving Australian Dollar Payments

Multiple Choice

In a currency swap involving A receiving Australian dollar payments and B receiving euro payments, a rise in the actual exchange rate expressed as (EUR/AUD) implies:

A) appreciation of the euro and a loss incurred by B
B) depreciation of the euro and a loss incurred by A
C) appreciation of the Australian dollar and a loss incurred by B
D) depreciation of the Australian dollar and a loss incurred by A