what does uncovered interest rate parity tell you 
uncovered interest rate parity conditions consist of two return streams one from the foreign money market interest rate on the investment and one from the change in the foreign currency spot rate said another way uncovered interest rate parity assumes foreign exchange equilibrium thus implying that the expected return of a domestic asset that is a risk free rate like a u s treasury bill or t bill will equal the expected return of a foreign asset after adjusting for the change in foreign currency exchange spot rates 