The magnitude coherence function (MCF) and the magnitude coherence index (MCI) of the exchange rates ROL/USD-ROL/EUR are computed using the estimator of the smoothed periodograms of time length of one quarter. The significance of the result is tested against both the shuffling procedure of the series and the overlapping windows of the estimator.
Significant coherences were found at all frequencies with little increase toward the short term cycles of the order of several days. This is considered to be the particular effect of the short run psychological market force which synchronously drives the exchange rates additional to the economic market forces.