22 Exchange rates online. Download the exchange rate between any two major currencies on a daily basis for the last five years. You may download exchange rates either from your institution or from http://www.oanda.com. You will then need to load the figures into Excel.

a Select the days with the ten largest percentage changes in the exchange rate. Consult via online newspapers (provided by your institution) the financial news related to the change in the exchange rate. Then examine and critically comment on the reasons for the change in the exchange rate as given in the financial press.

b How is the exercise in part

(a) of this question related to the concept of market efficiency?