Forex: A flashback
It is said that Forex actually came into existence in the early 1970s and just after the Bretton Woods convention. It was a basic attempt for restoring the economic state of the globe. Under the rules and regulations of this accord, all major currencies were pegged against a common currency dollar which was indirectly egged to the gold price of $35 per ounce.
Forex has thus been seeing a major amount of changes ever since it has come to the limelight in the market. There were many attempts by many countries to move out of this agreement but most of them failed.
Tags: Bretton Woods, common currency, Forex, major currencies