Under the Modern Asset Theory for FX Rates, Based on Supply

Under the Modern Asset Theory for FX rates, based on supply and demand factors for a foreign currency, which of the following factors affect foreign exchange rates between two different countries?

A) The relative supply and demand for goods in different countries.
B) The relative interest rates for investments in different countries.
C) The relative price levels (inflation) in different countries.
D) All of the above.