The pair of currencies - USD=US dollar, EUR=euros - is quoted as 1 USD x EUR. If the pair is trading at 1.2, it means it takes 1.2 EUR to buy 1 USD. The higher this rate from a US perspective, the stronger the US dollar to the other currency. The EUR is a free floating currency, so its value isn’t pegged to the USD. The USD to EUR exchange rate was 1.09 on December 01, 2023.
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