7 Measuring forecast accuracy. You are hired as a consultant to assess a firm’s ability to forecast. The firm has developed a point forecast for two different currencies presented in the following table. The firm asks you to determine which currency was forecasted with greater accuracy.

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Period Yen forecast Actual yen Dollar forecast Actual dollar value value 1 0.0050 0.0051 0.60 0.61 2 0.0048 0.0052 0.62 0.61 3 0.0053 0.0052 0.63 0.65 4 0.0055 0.0056 0.58 0.62