This paper empirically tests a main result of the literature on speculative attacks initiated by Morris and Shin (1998) in which agents receive noisy private signals. Changes in the distribution of information can trigger an attack. The impact of heterogeneous information between speculators on the probability of jumping to a crisis state is investigated within a Markov-switching framework. It is shown that less disparate information among domestic and foreign investors, proxied by the premia on country funds, lowers the probability of a currency crisis for the French Franc and the Italian Lira during the 1992 crises of the ERM.