Beginners guide to trading forex - Forex trading introduction & history -calculating PIPs, technical analysis & fundamental analysis.
1
History of Money Money has been around in one form or another since the time of Pharaohs. The Babylonians are credited with the first use of paper bills and receipts, but Middle Eastern moneychangers were the first currency traders who exchanged coins from one culture to another.
2
The Bretton Woods Accord Near the end of WWII, The Bretton Woods agreement was reached on the initiative of the USA in July 1944. The conference held in Bretton Woods, New Hampshire rejected John Maynard Keynes suggestion for a new world reserve currency in favor of a system built on the US Dollar.
3
Beginning of Free Floating system Free Floating system is came into existence after many failed treaties such as Bretton woods, Smithsonian & European Joint float. Governments were now free to peg their currencies, semi-peg or allow them to freely float. In 1978, the free-floating system was officially mandated.
4
Introduction of Euro The European Economic Community introduced a new system of fixed exchange rates in 1979, the European Monetary System - however failed to create a common currency for european countries. Europe's love affair with a common currency endured many trials and finally led to the introduction of EURO in 2002.
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