Jon held a lot of his savings in Euros because the US Dollar had been continuously losing value against major currencies over time. Then in the 2nd half of 2022 the Euro began losing value against the dollar. Jon didn't understand why the Dollar was getting stronger, he just knew his savings were losing value. Everyone else was selling Euros, so he started selling his Euros. He wasn't the only one! Over the course of a year, the value of 1Euro fell from $1.30 to $1.09. Jon's actions are an example of
a) Interest rates
b) Purchasing power parity
c) Balance of payments
d) Investor Psychology