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The correlations between the different foreign currency pairs will change over time. Because of this, it is really important to follow those changes in the correlation on a regualr basis. To give forex trader a better undersanding, it is even important to look over 3 and 6 month correlations as well as the one year correlations to get a better sense of the historical trends.
An effective forex trader will understand the various movements that currency pairs have in relation to another.
Of course there are various reasons for this significance, but really it best lays out the investors understanding of their exposure. In other words, if your portfolio consists of the EURUSD and GBPUSD it is going to be a different scenario for you than the EURUSD and USDCHF, especially if the first has a positive correlation and the latter pair do not. Having the basic knowledge of different currency pairs' correlation to others will allow an investor to properly diversivy and effectively manage his portfolio.
No matter what your general trading strategy is, and despite whether you might intend to diversity of find different pairs, it is always key to keep before you the correlation of currency pairs and the shifting trends.
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