I'm pretty sure it relies solely on the pricing for the region... I mean, I guess it might be only for region locks but during the secret santa event I was a part of atleast 3 EU friends sent me steam gifts (my region is LATAM).
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Regional price relations are set once and never change usually while exchange rates fluctuate due to many factors. Trump's crazy and irresponsible unpredictable rhetoric and actions drive the dollar as it's seen as a safe haven in growing geopolitical uncertainty.
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