Fundamental Model: Spot Rate Model:

Predicted Value of Predicted Value of Actual Value of

Period Singapore dollar Singapore dollar Singapore dollar

1 US$0.62 US$0.70 US$0.70

2 $0.64 $0.70 $0.80

3 $0.54 $0.80 $0.70

4 $0.66 $0.70 $0.70

Gia wants to assess which model is better at forecasting the value of the Singapore dollar, using the mean % absolute forecast error. Which model does Gia conclude is better at forecasting the Singapore dollar?