The Impact of Cash Deals in Mergers and Acquisitions on Forexby Kathy Lien
Generally speaking, each merger and acquisition deal can have a very different impact on the currency market, and one of the ways to interpret the potential size of the impact is to look at the specifics of the deal to see how it is structured. For example, an all-cash deal will have a much more significant impact on the currency market than an all-stock deal. The reason should be obvious: a cash deal, particularly one worth $1 billion or more, would automatically mean that a large transaction would be needed to convert currencies for payment.
Source: http://www.investopedia.com/articles/forex/05/MA.asp; http://www.gftforex.com/; http://www.bktraderfx.com/site/members-benefits