How could speculators capitalize on this situation, assuming zero transaction costs?

Assume that a November future contract on Euro was available in May for $1.05 per unit. Also,
assume that forward contracts were available for the same settlement date at a price of $1.08 per
Euro.
a. How could speculators capitalize on this situation, assuming zero transaction costs?
b. How could such speculative activity affect the difference between the forward contract
price and the future price?