We investigate two-point correlation functions of left-handed currents computed in quenched lattice QCD with the Neuberger-Dirac operator. We consider two lattice spacings a ~ 0.09, 0.12 fm and two different lattice extents L ~ 1.5, 2.0 fm; quark masses span both the p- and the epsilon-regimes. We compare the results with the predictions of quenched chiral perturbation theory, with the purpose of testing to what extent the effective theory reproduces quenched QCD at low energy. In the p-regime we test volume and quark mass dependence of the pseudoscalar decay constant and mass; in the epsilon-regime, we investigate volume and topology dependence of the correlators. While the leading order behaviour predicted by the effective theory is very well reproduced by the lattice data in the range of parameters that we explored, our numerical data are not precise enough to test next-to-leading order effects.S. N. is supported by Marie Curie Fellowship MEIF-CT-2006-025673. S. N. and P. H. aknowledge partial support by Spanish Ministry for Education and Science under grant FPA2004- 00996 and Generalitat Valenciana under grant GVACOMP2007-156. C. P. acknowledges support from the Ramón y Cajal Programme, as well as by the research grant FPA2006-05807 and the Consolider-Ingenio 2010 Programme CPAN (CSD2007-00042) of the Spanish Ministry for Education and Science. L. G., P. H., S. N. and H. W. are partially supported by EC Sixth Framework Program under the contract MRTN-CT-2006-035482 (FLAVIAnet).Peer reviewed