a) If the discovery of a new natural gas field in the Norwegian sector of the North Sea is announced on a Saturday night when the currency markets are more or less closed, would you expect the value of the Norwegian Kronor to change hat about Monday afternoon? What problems arise in trying to estimate the impact on the exchange rate of this sort of event? when business gets going again on Monday morning? 

b) What about an announcement by the Federal Reserve that future money supply growth will be 1% lower in the coming year than it has been in the past 12 months?