Important Dates In Forex History

We shall discuss here some of the important dates in forex history here in this article. Given below is the list of some of the important dates in history of forex Let us take a look:

Early Period Of 20th Century: This period is among the important dates in forex history as the regular circulation of paper money started. This was made possible because of many things combined like the force of legislation, the efforts of central banks to manage money supplies, and control of government on the gold supplies.

1929: In this year, the dollar has been perceived as more of a has-been, due to the Stock Market Crash and the subsequent Great Depression.

1930: The establishment of the Bank for International Settlements (BIS) took place in Basel, Switzerland. The goal behind the formation of this bank was to oversee the financial efforts of the countries which got independence recently, along with providing monetary relief to countries with temporary balance of payments difficulties.

1931: It also stands among the important dates in history of forex due to the happening of the great depression along with the suspension of gold standard. This led to the serious diminution in foreign exchange dealings.

World War II: The currencies around the globe were quoted against the British Pound before World War II. However the pound crashed in the Second World War. The Us was the only nation which remained unscarred and this resulted in US dollar becoming the prominent currency of the entire world.

1944: The financial future of the post-war world was discussed at the Financial Conference at Bretton Woods in New Hampshire. The major industrialized countries of the west agreed to a pegging of the US Dollar, and it was decided to be pegged at $35.00 to the troy ounce of gold. The future was designed to be stable, in part due to the tight governmental controls on currency values. The US dollar became the world’s reserve currency.

1957: Other important date in forex trading is the year 1957, when the European Economic Community was established.

1967: the meeting of International Monetary Fund took place in the city of Rio de Janeiro. It witnessed the creation of the Special Drawing Rights (SDRs). These are the international reserve assets created and allocated by the IMF to supplement the existing reserve assets.

1972: The European Joint Float was developed by the countries- West Germany, France, Italy, the Netherlands, Belgium and Luxembourg. The currencies of the member countries were allowed to fluctuate against each other and against the USD, although within certain preset conditions.

1973: Due to the heavy market pressure in 1973, the Smithsonian Institution Agreement and the European Joint Float systems collapsed. It is regarded as the important dates in forex history because around this time, the fixed-rate mechanism was totally discarded by the US Government and replaced by the floating rate.

1978: In this year, the International Monetary Fund officially mandated free currency floating.

1979: This year witnessed the establishment of the European Monetary System.

1999: The January 1st, 1999 is another important date in forex trading history, the euro made its first official appearance within the member countries of the European Union.

2002: Among the important dates in forex trading is the date of January 1, 2002, when the Euro was introduced. It replaces twelve national currencies within the European Union and Monetary Markets of Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal and Finland.