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Using the Hodrick-Prescott filter and the wavelet methodology, this paper analyzes exchange rate synchronization for a set of twelve currencies belonging to different monetary areas covering the period between January 1980 and July 2020. The empirical results reveal that: i) the U.S. dollar still plays an essential role as a foreign exchange anchor; ii) the euro shows an out-of-phase relationship with the vast majority of currencies, including with the other European currencies; iii) the British pound seems to have departed significantly from the European single currency; iv) the Brazilian real leads the Chinese yuan for most of the sample, and both currencies record great dissimilarities with the other currencies; v) in the absence of short-term foreign exchange market frictions, average bilateral distances between currencies are smaller, and vi) during the international financial crisis, exchange rates became more synchronized.<\/jats:p>","DOI":"10.47743\/saeb-2022-0013","type":"journal-article","created":{"date-parts":[[2022,6,30]],"date-time":"2022-06-30T07:40:30Z","timestamp":1656574830000},"page":"163-189","source":"Crossref","is-referenced-by-count":2,"title":["Exchange Rate Synchronization for a Set of Currencies from Different Monetary Areas"],"prefix":"10.47743","volume":"69","author":[{"given":"Antonio","family":"Portugal Duarte","sequence":"first","affiliation":[]},{"given":"Nuno Baetas","family":"Da Silva","sequence":"additional","affiliation":[]}],"member":"27629","published-online":{"date-parts":[[2022,6,27]]},"reference":[{"key":"22697","doi-asserted-by":"crossref","unstructured":"Aguiar-Conraria, L., Azevedo, N., & Soares, M. 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