Does anyone care about the EUR to USD price or is Crypto taking the show now?
The thing is CoinMarketCap is more popular than most Forex sites, and CoinMarketCap doesn't show you any forex exchanges. Yes, you can check the Euro Stable Coin (EURC) to compare it with the dollar, however most people use the site to check on Crypto prices.
The main reason for this is the accessibility. Crypto can be bought anywhere, there is no need to approach your bank, or have a special license or a special trading account in order to trade it. It's available globally. Forex still remained the classic it used to be.
Now it doesn't imply that Forex currencies are dead. The exchanges keep on moving. For travelers, importers, exporters and more the price does make a difference. However, there hasn't been a huge move in Forex recently. In fact the EUR/USD has been stable around the 1.10ish for 2 years now from 2022 until June 2024 inclusive, the time of writing.
Yes, we have seen some exotic currencies move. For example, the events in Israel and Gaza have drastically changed the USD/ILS exchange rate because of what happened in that region. This is expected because it's a war. However, in general, other major currencies, such as the GBP/USD are stable around the 1.25 - 1.30 for quite a while after Brexit.
Are these major currencies going to fluctuate with heaving swings soon? As long as Crypto is taking the picture, this is quite unlikely. Yet, if the Fed will decide to raise and not cut rates, moving forward in 2024, and other countries will follow suit, we might see things going wild just like we saw with the exotic pair of the USD/ILS. Why? Because if the Fed will decide to give more dominance to the dollar, it will affect the Forex markets equally as well.
Nonetheless, so long as things remain the way they are now it's quite difficult to see the GBP/USD climbing up to 1.40. A parity between the EUR and the USD is more likely but that also depends on the upcoming US elections in November this year. It's definitely going to be interesting, so don't rule out the Forex trading yet. It's still there and going to bring with it lots of actions.
