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In which scenario is a verbal intervention by a central bank likely to be successful in influencing the exchange rate? When the central bank lacks

In which scenario is a verbal intervention by a central bank
likely to be successful in influencing the exchange rate?
When the central bank lacks credibility and has a history of inconsistent
policy actions.
When the exchange rate is driven primarily by fundamental economic
factors, such as interest rate differentials.
When the central bank has a credible reputation for its policy actions,
and market participants trust its statements.
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