%0 Documento de trabajo (Working Paper) %A García-Suaza, Andrés Felipe %I Banco de la República %D 2011 %G Español (Spanish) %T A simple test of momentum in foreign exchange markets %U http://repositorio.banrep.gov.co/handle/20.500.12134/5664 %X This study proposes a new method for testing for the presence of momentum in nominal exchange rates, using a probabilistic approach. We illustrate our methodology estimating a binary response model using information on local currency / US dollar exchange