This paper shows that the University of MichiganÕs ÒSurvey of ConsumersÓ can be useful in predicting the direction of change in Þve U.S. dollar exchange rates. The explanatory power, however, is contingent on the particular survey question employed and the forecast horizon under...

This paper shows that the University of Michigan’s ”Survey of Consumers“ can be useful in predicting the direction of change in five U.S. dollar exchange rates. The explanatory power, however, is contingent on the particular survey question employed and the forecast horizon under...