Four exchange rate models: Which one seems to explain the dollar/euro exchange rate?

We start from four standard theoretical exchange rate models: The purchasing power parity model : the country's exchange rate depreciates when its inflation is higher than that of competing countries; The equilibrium real exchange rate model: the exchange rate depreciates in the short term when the country has excess savings (an external surplus); in the long term when the country has large external debt; The external equilibrium model: the exchange rate brings the current account back into equilibrium; The capital flow model, where the exchange rate depends on the interest rate differential between countries. When we try to apply these four models to the dollar/euro exchange rate, we see that the following are in line with the facts: The short-term equilibrium real exchange rate model; The capital flow model.