Everything you know is wrong, and the global exchange rate system is based on a false premise. Now that we have those housekeeping chores out of the way, let’s dig a little deeper into the data and address the second part of the statement, the one dealing with currencies.
A lot deeper, actually: In this, the first of a two-part discussion on the link between currencies and the Federal Reserve’s trade weights, we review the methodology and terms used to analyze this relationship and focus on the “major” currencies and their trade weights. Next month will feature a discussion of the “minor” currencies and their trade weights.
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