Iwatsubo, Kentaro; Marsh, Ian W. - In: International Journal of Finance & Economics 19 (2014) 4, pp. 251-266
ABSTRACT We examine the links between end‐user order flows as seen by a major European commercial bank and macroeconomic fundamentals. We show that both exchange rate changes and flows are only weakly related to macroeconomic news announcements and hypothesize that ‘the cat is already out of...