The EUR/USD currency pair, which expresses the value of the euro in terms of the U.S. dollar, has become less volatile after the sharp moves witnessed earlier in the year, especially during March 2020 when global equities crashed.
A combination of high demand for both euros and U.S. dollars might have otherwise cancelled each other out, yet since the peaks in demand for these two currencies differed across time, EUR/USD instead made vast moves in both directions. Risk-off moves tend to generate demand for safe havens such as the U.S. dollar (the world's reserve currency),