Prior to 1973 the exchange rates between the major currencies of the world were

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Prior to 1973, the exchange rates between the major currencies of the world were on a fixed exchange rate system. This means that the value of one currency was fixed in relation to another currency, and governments would intervene in the foreign exchange market to maintain the fixed exchange rate. It wasn't until the collapse of the Bretton Woods system in 1973 that the major currencies began to move to a floating exchange rate system.

Prior to 1973 the Exchange Rates Between the Major Currencies