6. Cross exchange rate movements Suppose that one year ago the spot rate for the British pound was $1.40 per pound, while the spot rate for the peso was $1.00 per peso. The cross rate of the British pound one year ago was E1= pesos. Suppose that now the spot rate for the British pound is $1,60 per pound, while the spot rate for the paso was $1 per peso. Now, the cross rate of the British pound is 1= pesos. This represents a percent change in the cross rate of the British pound. Continue without saving