This questions is regarding the behaviour of banks and other financial institutions who deal with FX products and use SABR model volatilities to price options.
How often do they change/tune parameters $\alpha$, $\beta$, $\nu$ and $\rho$?
If a hedge fund is for instance buying USDEUR options and calibrate the model after observing today's market quotes. Will they recalibrate the model tomorrow or use the same parameters?
And finally, some literature suggests that when dealing with FX it is commom to use $\beta = 1$. Why is that?