When the Forward Rate of a currency is higher than its Spot Rate, the currency is said to be trading at a:

Premium. Concept: Forward Rate Terminology. Definitions: Premium: If the Future Price is higher than the Current Price. (Example: Spot is 91, Forward is 92). This typically happens when the currency has a lower interest rate than the currency it is being compared to. Discount: If the Future Price is lower than the Current Price. (Example: Spot is 91, Forward is 90). Par: If the Forward Rate is exactly the same as the Spot Rate.