@PhdThesis{mir_mods_00002190,
  author = 	{Agyapong, Joseph},
  title = 	{Relevance of Sentiment Indicators for Expectations and Uncertainty in Foreign Exchange and Energy Markets},
  year = 	{2025},
  publisher = 	{FernUniversit{\"a}t in Hagen},
  address = 	{Hagen},
  keywords = 	{macroeconomics; international finance; sentiment analysis; expectations; uncertainty; foreign exchange rate markets; energy markets; forecast},
  abstract = 	{The foreign exchange (FX) and energy markets have undergone significant changes due to increased trading activity and global financial shifts. Foreign exchange markets, in particular, are seeing increasing daily trading volumes. Oil markets are influenced by geopolitical and production events, which impact expectations, uncertainties, and overall market dynamics. This cumulative dissertation examines how media sentiment influences the FX and oil markets, focusing on expectation formation and uncertainty. Building on traditional models such as the rational expectations hypothesis, the study emphasizes the role of media coverage as a public signal that shapes expectations and uncertainties. The dissertation consists of six empirical studies. It finds that expectations about future exchange rates and oil prices are affected by the intensity and tonality of media coverage. In addition, the study illustrates the effects on uncertainties, including forecast errors and disagreements among professionals. Furthermore, media coverage is more significant for information rigidities in the FX market compared to order flow and is valuable for understanding the weak link between FX and fundamentals through scapegoat effects. The implications of the dissertation show that media coverage and tonality, as sources of public information, capture a substantial part of the market, providing an important channel through which information is processed and potentially influencing expectation formations and uncertainties in the FX and oil markets.},
  doi = 	{10.18445/20250513-163314-0},
  url = 	{https://ub-deposit.fernuni-hagen.de/receive/mir_mods_00002190},
  url = 	{https://doi.org/10.18445/20250513-163314-0},
  file = 	{:https://ub-deposit.fernuni-hagen.de/servlets/MCRFileNodeServlet/mir_derivate_00002873/Diss_Agyapong_Sentiment_Indicators_2025.pdf:PDF},
  language = 	{en}
}