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Thursday, April 14, 2011. Futures contracts are an agreement to buy or sell a specific item at a specific price on a specific future date. Futures contracts are used to hedge the value of an item against price fluctuations that may devalue the item. 6B Futures of the British pound sterling against the U. 6E Futures of the Euro against the U. What is the Forex? Trading on the Forex involves buying or selling one c.