"Currency conversion" is not free. If a deal is to be settled in the USD then it means that the buyer is likely to acquire USD directly (by selling something fo

"Currency conversion" is not free. If a deal is to be settled in the USD then it means that the buyer is likely to acquire USD directly (by selling something for USD or taking loans in USD) and the seller is likely to spend the USD, skipping any conversion and strengthening the USD. Likewise, if the deal is to be settled in EUR the same is applied to the EUR and strengthens the EUR while weakening the USD.