Forex Analysis and Trading – Effective Top Down Strategies Combining Fundamental, Position, and Technical Analyses : [PDF Download]

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“Purchasing power parity (PPP): three words that are sure to warm the heart of any currency economist. But that same concept is certain to cast a glaze over the eyes of most observers of foreign-exchange markets and send a surge of skepticism up the spines of experienced foreign-exchange traders.

Yet, the value of such a tried-and-true method of deriving foreign-exchange rates has not diminished. The Organization for Economic Cooperation and Development (OECD) defines PPP as the rate of currency conversion that equalizes the purchasing power of different currencies by eliminating the differences in price levels between countries.

Put a bit more simply, PPP is a method through which one can evaluate how changes in the absolute or relative price level drive changes in the underlying exchange rate between two currencies. This chapter discusses the relative usefulness and shortcomings of employing PPP in foreign-exchange analysis.”

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