This paper evaluates a particular set of equations for the dollar/yen and dollar/mark exchange rates. The forecasts from the equations dominate both forecasts from the random walk model and forecasts using the forward rate. The results also suggest that money may be able to be made in the forward markets using the equations.
Fair, Ray C., "Evaluating the Information Content and Money Making Ability of Forecasts from Exchange Rate Equations" (1997). Cowles Foundation Discussion Papers. 1416.