Floating Exchange Rate

See: Exchange Rate.

Dollars to euros. Used to be something close to 2-to-1; at least when the euro first came out, the union members weren't all grumbling about leaving. But that exchange rate floated. Europe grew even less stable, and the exchange rate floated down to close to 1-to-1 during the Brexit era.

In global currencies, exchange rates generally float, but there are exceptions. Some countries peg their currency's valuation to the U.S. Dollar, so while the U.S. Dollar floats, the Zimbabwean Dollar carries a 10,000-to-1 fixed rate against the U.S. Dollar, and Uncle Sam buys 10,000 units of Uncle Zim. Or something like that. The U.S. Dollar floats relative to other currencies, but the Zimbabwean Dollar is fixed in exchange rate to the U.S. Dollar.