This paper studies the reaction of the mean and volatility of the euro-dollar exchange rate to statements of ECB … officials during the first years of EMU. We focus on statements on monetary policy and the (potential) strength of the euro. We …. In some cases there are effects of statements on the level of the euro-dollar rate. Efforts to talk up the euro have not …

completely priced in by market participants when it is released. In addition, this peculiar effect of country specific news is … stronger when the respective news is aired on the North American media market. …