Refer to the exchange rates below to answer the following questions.

Country Currency 2010 2011

MEXICO PESO 0.0692 0.0805

SWITZERLAND FRANC 1.059 1.028

THAILAND BAHT 0.0316 0.0328

UNITED KINGDOM POUND 1.545 1.604

CANADA CAN. DOLLAR 0.971 ?

Table 1: Annual average exchange rate measured in US dollar per foreign currency

(a) For the first four currencies in the table, did the U.S. dollar appreciate or depreciate relative to these currencies between 2010 and 2011?

(b) Compute the Switzerland/United Kingdom exchange rate Sfranc/pound for both 2010 and 2011. Did the Swiss franc appreciate or depreciate in value relative to British pound during this time?

(c) We know that the percentage change in the US-Canadian exchange rate (S$/C$) from its level in 2010 (0.971) to 2011 is a positive 6%. Please compute the value of the exchange rate (S$/C$) in 2011. Did the U.S. dollar appreciate or depreciate during this time relative to the Canadian dollar?