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In the post Lehman period, the interest rate of the US dollar became low on the forward contract because of its role as international currency. However, in the Euro crisis, that of the Sterling pound became equally low, while the other European currencies increased its liquidity premium. By using secured rates, the following analysis examines why the Sterling pound and the Danish kroner showed asymmetric features in the two crises. The regression results suggest that there was a structuraldoi:10.3386/w21938 fatcat:agfjv6nvx5c5nimczykslvzhum