DATA REVISION AND MARKET RESPONSE: THE CASE OF UNITED STATES TRADE BALANCE ANNOUNCEMENTS
研究美国商务部公布的贸易余额数据修正对汇率市场的影响，提出新方法分析交易者如何根据初步和修正数据调整美元汇率。
ABSTRACT In this paper we study 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.