Stationarity
A distribution of a quantity that does not change over time.
Stationary Time Series
Implies that no trend is observed in the time series. Identified when the time series has a constant mean and variance.
Since non-stationarity is a pre-condition of cointegration, the daily data for the three exchange rate series on High, Low, Open and Close prices was tested for unit roots using an Augmented Dickey Fuller (ADF) and Phillips Perron tests.
 See also: Null Hypothesis, Outlier, Stochastics, Exchange, Model
  
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