This paper study the macroeconomic factors than explain the real exchange real movements. We use a GMM Panel Vector Autoregressive, propose by Love and Zicchino (2006), for a period 1980-2016, graphs the impulse-response functions and his variance decomposition. We estimate a Vector Autoregressive model for each country. The results are heterogeneous when we compare the results by group and by each country, but we found significance in our variables on real exchange rate.