ECB research finds exchange rate decoupled from fundamentals

Euro sign outside the European Central Bank in Frankfurt

Economic fundamentals during the sovereign debt crisis in Europe had little effect on the euro exchange rate, although public statements by politicians in triple-A rated countries did influence volatility, according to a working paper published by the European Central Bank (ECB) on April 15.

In The euro exchange rate during the European sovereign debt crisis – dancing to its own tune? by Michael Ehrmann, Chiara Osbat, Jan Stráský and Lenno Uusküla, the authors analyse daily exchange rate data

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