Using the Bloomberg HRA Regression screen estimate the relation between two currencies. Load your selected currency (e.g., GBP for the British pound), and then go to the HRA screen for the regression. On the HRA screen, enter the other currency as the independent variable in the amber box (e.g., AUD \(<\) Curncy>) and select the time period and periodicity (daily).

a. Comment on the regression results and the relation (beta).

b. Explain how you would form bullish and bearish intercommodity spreads with the futures contracts on the underlying currencies.