In the Econ77 Commons folder, you will find an Excel file called SpotRateHW.xls.
All data are quarterly.
Rates are quoted in European terms. Graph this cross rate as the rates above. Construct new plots as in question 1 for each currency and for each subperiod and answer the same question. Note that 1971 and 1972 have been omitted, since they fall during the period of transition between the Bretton Woods System and the subsequent flexible exchange rate system. Make sure that all of your graphs are adequately labelled.