Go to http://fx.sauder.ubc.ca. Using the table labeled

“The Most Recent Cross-Rates of Major Currencies,”

determine whether the British pound (GBP), the Canadian dollar (CAD), the Japanese yen (JPY), the euro (EUR), and the Swiss franc (CHF) have appreciated or depreciated against the U.S. dollar (USD) since October 1, 2014. The exchange rates on October 1, 2014, are listed in the table in Problem 6.

Problem 6

Based on the exchange rates for the first trading days of 2013 and 2014 shown in the accompanying table, did the U.S. dollar appreciate or depreciate during 2014? Did the movement in the value of the U.S. dollar make American goods and services more or less attractive to foreigners?

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October 1, 2013 US$1.62 to buy 1 British pound sterling 29.51 Taiwan dollars to buy US$1 US$0.97 to buy 1 Canadian dollar 98.04 Japanese yen to buy US$1 US$1.35 to buy 1 euro 0.91 Swiss franc to buy US$1 October 1, 2014 US$1.62 to buy 1 British pound sterling 30.43 Taiwan dollars to buy US$1 US$0.89 to buy 1 Canadian dollar 109.31 Japanese yen to buy US$1 US$1.26 to buy 1 euro 0.96 Swiss franc to buy US$1