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When the EUR/USD foreign exchange (FX) rate goes from 1.12 to 1.09 we say the USD has appreciated against the Euro When the USD/Yen exchange

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When the EUR/USD foreign exchange (FX) rate goes from 1.12 to 1.09 we say the USD has appreciated against the Euro When the USD/Yen exchange rate (FX) goes from 110 to 108 we say the USD has appreciated against the Yen In a FIAT currency system, new money is created at the point in time when a commercial bank: takes in a deposit from a customer sells a bond off its balance sheet to the federal reserve makes a loan obtains a loan from the Federal Reserve bank's Discount Window

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