6. Below are quotes for FX rates between the euro and other currencies on August 19, 2015, and one year later (August 19, 2016). The quote is in terms of the number of units of the currency per euro. Units per EUR Units per EUR Currency (August 19,(August 19, Code Currency Name 2015) 2016) GBP British pound 0.70712814 0.867300414 INR Indian rupee 72.09718253 76.04223967 AUD Australian dollar 1.511989135 1.486415575 CAD Canadian dollar 1.455905913 1.458507691 SGD Singapore dollar 1.554966916 1.525800563 CHF Swiss franc 1.073200586 1.086794982 MYR Malaysian ringgit 4.539774144 4.548440709 Japanese yen 137.2743242 113.5447394 Chinese CNY " 7.53592369 renminbi NZD New Zealand dollar 1.685256522 1.558592403 THB Thai baht 39.37040071 39.22792237 HUF Hungarian forint 310.1395155 310.1571238 JPY yuan 7.075979567 a. Which of the currencies appreciated relative to the euro? b. Which of the currencies depreciated relative to the euro? 7. Explain the meaning of triangular arbitrage, and show how it is related to cross rates