The is the rate at which a person can trade the goods and services of one country for the goods and services of another. It compares the of of domestic goods and foreign goods in the domestic economy. The is the rate at which a person can trade the currency of one country for the currency of another. You see in the table the exchange rate of the Swiss franc against different currencies. Please decide whether the nominal exchange rate appreciated or depreciated from 23 April to 24 April 23 April 24 April Depreciation or appreciation? USD 1.095 1.094 EUR 10.912 0.913 AUD 1.585 1.589 nominal exchange rate real exchange rate prices Depreciation Appreciation Appreciation Depreciation