After the Bretton Woods system was abandoned in the early 1970s, U.S. exchange rates became the products of implicit or explicit international agreements that

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After the Bretton Woods system was abandoned, exchange rates were generally allowed to float freely, but with the understanding that major central banks could intervene in the market during periods of extreme volatility or turbulence to stabilize currencies. This approach combines elements of market-driven exchange rates with the possibility of occasional intervention, rather than a strict adherence to either completely free-floating or fixed exchange rates.

After the Bretton Woods System Was Abandoned in the Early