This research report investigated the efficiency of BRICS country foreign exchange markets during the American and European Quantitative Easing (QE) Periods. Market efficiency tests included autocorrelation, unit root, variance ratio, co-integration, and uncovered interest parity (UIP) testing. UIP tests indicated that the currency pairs investigated are not strong form efficient and that market efficiency diminished for US cross pairs during QE. The research also highlights changes in efficiency state prior to and post QE for the cross-pairs studied.
