Some forecasters believe that foreign exchange markets for the major floating currencies are efficient and forward exchange

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Some forecasters believe that foreign exchange markets for the major floating currencies are “efficient” and forward exchange rates are unbiased predictors of future spot exchange rates. What is meant by “unbiased predictor” in terms of how the forward rate performs in estimating future spot exchange rates?
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Multinational Business Finance

ISBN: 978-0132743464

13th edition

Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett

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