You might have heard of the Foreign Exchange Market and how it has helped revolutionize the concept of investing. Its roots go far back before the first World War. Looking back into the beginnings of this trade can give you a clearer perspective before engaging into it.
This is a very short history of Foreign Exchange trading, to serve as a background for all of those who want to know more about it. ?You can take a look at?True ECN?for more high quality information about forex.
The financial market gave birth to the idea that gold should be the world?s most fundamental monetary system. So what happens is that countries fixed the value of their corresponding currencies to be equal to an ounce of gold, and the fluctuating price of gold among a pair of currencies became the onset of currency exchange.
The beginnings of currency exchange dipped when, during World War I, the two major European powers did not have enough hold to trade during that time due to their military projects, so the gold standard caved in.
The gold standard was applied once more after World War I, but at the beginning of World War II, majority of the world stopped taking part in it again. Nevertheless gold still remained as the most fundamental means of financial value.
The Bretton Woods System changed that when in 1944 there was an agreement that the US dollar should take the place of the gold standard in terms of basic reserve currency. The US dollar has taken the place of gold. You can take a look at?IC Markets?for more high quality information about forex.
However, this was put to an end in 1971 when the US decided to stop trading gold for US dollars that were held in foreign assets. In 1976, due to the end of the Bretton Woods System, floating foreign exchange rates more acceptable worldwide. Thus the modern day Forex started its first course. It was in the mid 1990s when it started to broadly trade electronically.
Currently, Forex is the largest financial trading market in the world and its average daily trading volume is 2.3 trillion dollars.
Source: http://freefinancearticles.info/the-beginnings-of-forex-trading
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