Foreign Exchange Training Manual.pdf

Foreign Exchange Training Manual

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Synopsis E-book: Foreign Exchange Training Manual

Money has been around in one form or another since the days of the Pharaoh, replacing former systems of bartering. But, as history progressed and scores of countries generated their own individual monies, Middle Eastern money changers found a market exchanging coins of one culture for those of another-the first foreign exchange ‘market’.

Over the ages, the form of money changed from coin form to bill form, the latter flourishing in the Middle Ages. But trading and speculation across foreign currencies began to increase after World War I. This speculation was not looked upon favorably by world markets, giving rise to the Bretton Woods Accord, a proposal undertaken towards the end World War II pegging major currencies to the U.S. dollar. The dollar was in turn pegged to gold at $35 per ounce.

This accord allowed currencies to fluctuate by one percent on either side of the standard, mandating that respective central banks intervene if the fluctuation was outside of those limits. Although the Bretton Woods accord accomplished the goals of its charter toreestablish economic stability in post-war Europe and Japan, it ultimately failed. Other similar failed agreements were attempted in the following decades, but, ultimately in 1973, the world defaulted to free-floating currencies. *


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  • FileName: Foreign Exchange Training Manual
  • Author: Lehman Brothers
  • Language: English
  • Size: 4.995 kb | Remove!
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  • FileType: .pdf
  • Dir.: Part9
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