Do you know the steps that should be taken in testing this? I'm not sure if I have to run any sort of excel tests. What is the best thing to look for in the given data?

International Finance FIN 6638 Problem Set No. 3 Team (and members): If exchange rates behave according to the rational expectations hypothesis at least two conditions must be met: (1) Unbiasedness: The forward rate must be an unbiased forecast of the future spot rate, so that forecast errors are on average zero; and (2) Forecast errors are random. Any errors in the forward rate's implicit forecast of the future spot rate must be independent. There should be no systematic or persistent errors. The spreadsheet Data for P83 Testing for R.E.xls on Canvas contains semi-annual data on fcnlvard and spot rates for cable the British pound-US dollar exchange rate ($i), and for 6- mcnth GBP and USD-based Libor interest rates. a. Looking at these data, can we conclude that the market was behaving the way the rational expectations hypothesis says it should? b. How condent are you in your conclusion