How do the monetary and the asset market or portfolio balance approaches explain the overshooting in exchange

Question:

How do the monetary and the asset market or balance approaches explain the overshooting in exchange rates that is often observed in foreign exchange markets today?
Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...