currency appreciation/depreciation

CFA Level II
#1

Let’s take the exchange rate XX/YY

(1) If Forward Price XX/YY > Spot price XX/YY then (1 + interest rate X) > (1+ interest rate Y), deducted from the covered interest parity.

(2) But I do not get something: if Forward > Spot it means that for 1 unit of YY we would get more XX in the future compared to what we can get now, meaning currency YY is appreciating and currency XX is depreciating. if currency YY appreciates we should have (1 + interest Y) > (1+ interest X) as investors will buy YY to invest at a higher rate, so high demand YY makes the currency appreciates. Which is opposed to (1) Can someone help? Thank you !

#2

i think there is no ground for such an inference. if currency Y appreciates, i will not conclude with certainty that (1+iY) > (1+iX).

#3

There are forces other than interest rate parity that affect currency exchange rates.