Δ_Gold

Coeff.

Std. Err.

Z

P > |z|

Δ_Gold t-1

0.0005361

0.0288984

0.02

0.985

Δ_Gold t-2

0.0353941

0.0288035

1.23

0.219

Δ_Oil t-1

0.3654271

0.2264416

1.61

0.107

Δ_Oil t-2

−0.4051922

0.2153496

−1.88

0.060

Δ_EUR/USD t-1

−87.36052

48.3633

−1.81

0.071

Δ_EUR/USD t-2

−8.450506

47.97282

−0.18

0.860

constant

0.1703217

0.3435947

0.50

0.620

Δ_Oil

Coeff.

Std. Err.

Z

P > |z|

Δ_Gold t-1

−0.0003147

0.0034184

−0.09

0.927

Δ_Gold t-2

0.0133602

0.0034072

3.92

0.000

Δ_Oil t-1

−0.0214938

0.0267858

−0.80

0.422

Δ_Oil t-2

0.0263361

0.0254738

−1.03

0.301

Δ_EUR/USD t-1

−1.141769

5.720905

−0.20

0.842

Δ_EUR/USD t-2

−0.7798057

5.674715

−0.14

0.891

constant

0.0427803

0.0406439

1.05

0.293

Δ_EUR/USD

Coeff.

Std. Err.

Z

P > |z|

Δ_Gold t-1

0.0000201

0.0000177

1.14

0.256

Δ_Gold t-2

0.0000395

0.0000177

2.23

0.026

Δ_Oil t-1

0.000306

0.000139

2.20

0.028

Δ_Oil t-2

0.0000949

0.0001322

0.72

0.473

Δ_EUR/USD t-1

−0.0106689

0.0296957

−0.36

0.719

Δ_EUR/USD t-2

−0.0247591

0.0294559

−0.84

0.401

constant

0.0001002

0.000211

0.48

0.635