Exchange Rate Fundamentals, Such as the Income Level, Interest Rates

Exchange rate fundamentals, such as the income level, interest rates, and the price levels,:

A) do not affect exchange rates in the short run or the long run.
B) affect exchange rates but are not as important as expectations in the long run.
C) affect exchange rates and are more important than expectations in the long run.
D) affect exchange rates, but only in the short run.