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Random article: Bretton Woods Agreement and Gold Standard
In summer 1944 WW II started to evolve into closing stage and allied countries began seriousely deliberating financial shape of postwar world. All leading economies except for the USA were worn out and on the decline. Up to the end of the war, the most part of golden reserves was accumulated in the USA whereas winning and lost countries both were badly in need of oil, row materials, food and equipment. To prevent further global conflict for resources, Bretton Woods agreement was concluded, which was named after the New Hampshire town where the agreement was reached. According to this agreement, International Bank for Reconstruction and Development (IBRD) and International Monetary Fund (IMF) were established. Participants countries contributed money funds (the largest contribution was from the USA) and every country could lend from those funds to support its currency. For the currency leading by that moment – US dollar – so called Golden Standard was created and was equal to $35 for golden ounce.
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Popular article: Forex Currency Pair | Key Forex Terms
International exchange market (Currency exchange) — is the exchange, where operations on purchase and sale of currency take place between participants of the Forex market; Currency operations – contracts of participants of currency market on purchase and sale and settlement, conversion operations etc.; Currency rate (currency quote) — the price of currency unit of one country expressed in currency unit of another country. Open position – is the trade for purchase/sale, which is not closed and is present on market.
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