Is there a relationship between the subprime crisis and swings in the value of the dollar?

In August 2007, the dollar began an accelerated decline in value, falling by 9% against the euro through July 2008.

The dollar suddenly shot upward, by over 20% against the euro by the end of October 2008.

In 2007, the Fed lowered the fed funds rate by 325 bps,

By mid-2008, European Central Banks starting cutting their domestic rates.

Using your knowledge that you have learned in this chapter to explain the change in exchange rate? Build a forecast of the impact of coronavirus crises on the currency market?