Researchers found that it is very difficult to forecast future exchange rates more accurately than the forward exchange rate or the current spot exchange rate How would you interpret this finding ...

This implies that exchange markets are ...

Researchers found that it is very difficult to forecast future exchange rates more accurately than the forward

Question:

Researchers found that it is very difficult to forecast future exchange rates more accurately than the forward or the current spot How would you interpret this finding?

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...