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**The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
**The euro is the second most traded currency in the world behind the US dollar. It was introduced in 1999 as the official currency for most eurozone nations. The world’s second-largest reserve currency, it adds liquidity to any currency pair it trades with.
How does the US dollar trade against the euro historically?
The euro had a strong start when it was introduced. In 1999 it was first adopted and used in electronic transfers only, but was finally launched in 2002 as a true currency. The EUR gave the USD a run for its money, and transactions between the two currencies stayed in a very tight range.
At some points the two were almost equal in value. That changed as the subprime mortgage crisis began to take hold of the US economy, causing the USD to lose 37% of its value against the EUR. Foreign exchange traders lost confidence in the USD, and many began trading on the EUR instead.
The value of the USD against the EUR reached an all time low at the start of 2008, when it was valued at 0.526 euro. It’s at this time that the economic crisis began to spread around the world and the value of the euro started to sink.