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Data Revision and Market Response: The Case of United States Trade Balance Announcements

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Author Info
Ghosh, Sucharita
Lien, Donald
Abstract

In this paper, the authors study the economic news, as reflected in the announcements of the United States trade balance by the Commerce Department, to illustrate the importance of revised data versus preliminary data to economic agents. A new methodology has been developed here to study how agents in the exchange market respond to these monthly trade balance announcements and, consequently, move the dollar's exchange rate. In contrast to previous studies where agent reactions to only preliminary trade figures were analyzed, this method is applied to examine market reactions to the preliminary and revised trade balance figures. Copyright 1995 by Blackwell Publishing Ltd

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Publisher Info
Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 57 (1995)
Issue (Month): 2 (May)
Pages: 265-75
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Handle: RePEc:bla:obuest:v:57:y:1995:i:2:p:265-75

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  1. Christis G. Tombazos, 2003. "New light on the 'impressionistic view' of the balancing item in Australia's balance of payments accounts," Applied Economics, Taylor and Francis Journals, vol. 35(12), pages 1369-1378, August. [Downloadable!] (restricted)
  2. Hali J. Edison, 1996. "The reaction of exchange rates and interest rates to news releases," International Finance Discussion Papers 570, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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