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Home > Economists > Christopher Neely > What does genetic programming teach us about the foreign exchange market?

II) Foreign exchange market efficiency and technical analysis

A) Foreign exchange market efficiency
1) Exchange rates reflect information to the point where the
potential excess returns do not exceed the transactions costs of acting
(trading) on that information (Jensen, 1978).
2) Borrowing in one currency to lend in another should not
profit you, except to the extent that this is risky strategy.
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