Calculating rates of appreciation (depreciation). Directly quoted currencies (e.g., EUR/USD) St - St-1 ST - 1 ST-1 Indirectly quoted currencies (e.g., USD/JPY) ST-1 -ST_ST-1 1 ST ST = ST-1 8. The graph below shows the daily value of the GBP/USD exchange rate end-2015 through end-2019, with year-end values labeled. $1.50 $1.474 GBP/USD, end-2015 to end-2019; source: www.investing.com/currencies 23-Jun-16, $1.488 mory $1.40 - 24-Jun-16, $1.368 $1.30 $1.326 har $1.344 $1.269 per Mary $1.20 $1.224 $1.10 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 a. What event explains the rapid change in the pound's value in late-June 2016? b. By how much did the pound's value versus the US dollar change on 24 June 2016? -8.8% B -8.1% C_+8.1% D__+8.8% C. By how much did the pound's value versus the US dollar change in 2016? A -20.4% B -17.0% C . +17.0% D +2.04%