Fig. 4
From: Comovement between commodity returns in Ghana: the role of exchange rates
Wavelet analysis of EXR and commodity returns. a is the biwavelet coherence of EXR and Gold; b is biwavelet coherence of EXR and Cocoa; c biwavelet coherence of EXR and Crude oil. Note Left-arrows (positive-arrows) have negative (positive) correlations. An arrow pointing up (down) and in the right (left) direction shows that the first variable leads and otherwise, the variable lags. A variable is more sensitive to shocks when it leads in the market. A red (blue) pallet inside the CoI indicate strong(low-)-comovement