Foreign exchange markets are a relatively recent phenomenon, beginning with the agreement at Bretton Woods.

Question

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Foreign exchange markets have existed for centuries, with evidence of currency trading found in ancient civilizations such as the Romans and Greeks. However, the modern structure of foreign exchange markets and the use of exchange rates as a tool for monetary policy began with the agreement at Bretton Woods in 1944.

Foreign Exchange Markets Are a Relatively Recent Phenomenon, Beginning with the Agreement