[megameter]

Well, how little volatility is needed to be called stable? Over a few years, large swings can happen with major forex pairs. Take GBP/USD for example: High of 1.71602 in 2014. Low of 1.14926 in 2020. It currently trades around 1.4.

So, not the same kinds of returns and drawdowns as BTC/USD, but enough to make one's eyes water and stomach churn. Forex has always had a reputation for volatility.

[sanderjd]

I think it is more useful to look at inflation / deflation as the comparison point for a currency rather than forex pairs.