Forex history

The development of the Forex currency market is a long history, initiated by U.S. President Richard Nixon. It was his decision made on August 15, 1971 to suspend convertibility of dollars into gold, which led to the destruction of the regulation system of exchange rates of that time. Famous Bretton Woods system has exhausted itself, and it was replaced by a Jamaican currency system, born March 16, 1973. As a result, the U.S. has promoted a liberal monetary policy, regarding the price of gold in different currencies. However, American politicians could not save things that were already beginning to collapse. Exchange rates were constantly fluctuating under the Jamaican system. Current state required significant changes that occurred in 1975. At that time the first summit of the Group of Eight happened under the leadership of French President Valéry Giscard d’Estaing and Chancellor Helmut Schmidt in Rambouillet, which was attended by representatives from the following countries: France, United States, Germany, Italy, Japan, and United Kingdom. January 8, 1976 is the day of foundation of the Forex international currency market, which was formed after a meeting of ministers in Kingston. The newly formed Forex currency market has already changed the completely destroyed system and outlined the exchange rates.