Conjecture: The foreign price value of a currency is not absolute.
Scenario: If the euro appreciates relative to the British pound and the price of the US dollar stays the same relative to the euro, what would happen to the US dollar? Would the US dollar also appreciate relative to the British pound? Or, would it cost the same amount of dollars to buy one British pound?
I'm trying to determine whether it is possible to trade currencies several times and end up with more money than one starts with; That is, assuming that there are no transaction costs involved in trading currencies. If it is possible then, it would essentially be a loophole.