EUR/USD market arose in line with the increased US trade deficit since late 1960s, because the foreign investors holding USD in on-shore market in US had became afraid US government to prevent to bring out to overseas for USD soon.
And then, who were foreign investors made and spurred EUR/USD market in London? They seemed somewhat oil-power related someone.
Indeed, OPEC countries' imports consumption expenditures were paid on EUR of about 70% of total imports demand.
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