This study examined and discovered the yearly average exchange rate movement of currencies of seven developed countries for eleven years. The correlation between each of the pairs and their shifting trend for six years trailing revealed that European euro, Canadian dollar and Australian dollar moved in the same direction throughout the period of study. The highest rate of appreciation of 16.62% was recorded by European euro between 2002 and 2003, while between 1997 to 1998 Australian dollar recorded a highest depreciation of 19.10% for the period of study.
