An example of an external currency market that was the first to form was the market where the dollar-denominated deposits were known as

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The market where the dollar-denominated deposits were traded outside of the United States was known as the Eurodollar market. This market was the first to form in the external currency market. Euros refer to the European currency, petrodollars refer to dollars earned through the sale of petroleum and exchange traded funds refer to a type of investment vehicle.

An Example of an External Currency Market That Was the First