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Chapter 5: What Determines Exchange Rates The __________ approach to exchange rates emphasizes the role of portfolio repositioning by international financial investors. Currency market Asset market Monetary Balance of payments The asset market approach to exchange rate determination seeks to predict: Exchange rate premiums. Long-run trends in exchange rates. Medium-term trends in exchange rates. Short-term pressures on exchange rates. The exchange rate value of a foreign currency is __________ in the short run by a rise in the expected future spot exchange rate. Raised Lowered Forced to