Why Isn’t the EUR USD Currency Pair Quoted as USD EUR?
They were set so that one European Currency Unit (ECU) would equal one euro. The European Currency Unit was an accounting unit used by the EU, based on the currencies of the member states; it was not a currency in its own right. They could not be set earlier, because the ECU depended on the closing exchange rate of the non-euro currencies (principally pound sterling) that day. The depth and liquidity of the EUR/USD market allows for all classes of traders to be active, including central banks, investment banks, commercial banks, fund managers, corporates, retail traders and many more. Many languages have different official spellings for the Euro, which also may or may not coincide with general use.Once every three years the Bank for International Settlements (BIS), often called the…