More Interesting Forex Facts

6. The Bretton Woods Accord was signed after World War 2 and it allowed for currencies to fluctuate within 1% to the respective currencies par.

7. President Richard Nixon ended the Bretton Woods Accord and the fixed rates of exchange, which eventually led to the free-floating currency system.

8. The Forex markets were actually forced to close between 1972 and 1973 because the Bretton Woods Accord was ineffective.

9. The true Forex market as we know it today essentially began in 1973, because that is when nation-state, banking trade and controlled foreign exchange ended and complete floating, relatively free conditions of a market characteristic of the situation in contemporary times began.

10. It was Reuters that introduced computer monitors in June 1973, which replaced the antiquated trading through telephones and telex.