Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2004
-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force … behind daily US dollar – euro/DEM exchange rate developments in the period 1993-2003. The larger importance of US … macroeconomic news is at least partly explained by their earlier release time compared to corresponding German and euro area news …