Historical Daily Foreign Exchange Rates - Traces of Foreign Exchange

Published Friday July 30 2010

Historical Daily Foreign Exchange Rates

The history of Forex Trading can be traced back from ancient times when the Barter System was utilized by the people to exchange goods for other goods. As the system offered limited transactions, they developed mediums of payment in exchange for goods like gold and silver. Gradually, coins were formed using metals and other stable countries began accepting payments made in paper form.

During the 1930s, the British pound was the major trading currency in the world until the Second World War broke; the United States dollar became the world's major currency and up to present. Towards the end of the World War in 1944, the Bretton Woods Accord was established to set fixed exchange rate for major currencies to stabilize the currency markets in the world. Historical Daily Foreign Exchange Rates

The International Monetary Fund (IMF) was subsequently established to provide for a system in the buying and selling of currencies and to facilitate international currency transactions. In 1978, the IMF suggested that currencies should be free-floating. It means that the currencies may be traded at a price based on the rule of supply and demand. During this time, approximately 5 billion US dollars were traded daily.

The following year, the European Monetary System was established and later on developed their exchange mechanism to set fixed exchange rates. In 1998, the Euro became the European Union's single currency.

These developments in the world market accelerated the progress of Forex Trading. Now, it continues to grow as currency exchange became accessible to average individuals. Currently, about 1.9 trillion US dollars are traded daily in the Forex Market. Historical Daily Foreign Exchange Rates

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One Response

  1. engineering,leveling guide, gold on April 24, 2012:
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