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Some forecasters believe that foreign exchange mankets for the major floating currencies are eficient and forward exchange rates are unbiased predictors of future spot exchange

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Some forecasters believe that foreign exchange mankets for the major floating currencies are "eficient and forward exchange rates are unbiased predictors of future spot exchange rates. What is meant by unbiased predictor" in terms of how the forward rate performs in estimating future spot exchange rates? [5 Marks]

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