TY  - BOOK
AU  - LeBaron,Blake
ED  - National Bureau of Economic Research.
TI  - Technical Trading Rule Profitability and Foreign Exchange Intervention
T2  - NBER working paper series
PY  - 1996///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - March 1996; Hardcopy version available to institutional subscribers
N2  - There is reliable evidence that simple rules used by traders have some predictive value over the future movement of foreign exchange prices.  This paper will review some of this evidence and discuss the economic magnitude of this predictability.  The profitability of these trading rules will then be analyzed in connection with central bank activity using intervention data from the Federal Reserve.  The objective is to find out to what extent foreign exchange predictability can be confined to periods of central bank activity in the foreign exchange market.  The results indicate that after removing periods in which the Federal Reserve is active, exchange rate predictability is dramatically reduced
UR  - https://www.nber.org/papers/w5505
UR  - http://dx.doi.org/10.3386/w5505
ER  -