Consider the Two Exchange Rates, in Period 1 and Period $$E _ { 1 } = \frac { \$ U S 1.35 } { € 1 } \text { and } E _ { 2 } = \frac { \$ U S 1.31 } { € 1 }$$

Consider the two exchange rates, in period 1 and period 2: $$E _ { 1 } = \frac { \$ U S 1.35 } { € 1 } \text { and } E _ { 2 } = \frac { \$ U S 1.31 } { € 1 }$$ .
Over this time, the:

A) dollar has depreciated
B) euro has appreciated
C) dollar has neither appreciated nor depreciated
D) euro has depreciated
E) euro has neither appreciated nor depreciated