and is their a book or a weblink detailing the history of the Interbank and their beginnings? Thanks, Dave
end of the Smithsonian agreement finally, my econ degree comes to use. I'd look up the end of the brettonwoods and Smithsonian agreement. the current incarnation of the interbank market (free floating for the majors, nothing backed by gold or anything other than our trust in our governments ability to repay us) started in March 1973, with the reopening of futures exchanges at that time. for history lesson, there is a nice short read called "The International Economy Since 1945 By Sidney Pollard" it does not got into the current version of the interbank, or the nitty gritty details of how the current structure came about. In fact I have yet to find a book that reconciles the difference between what those I know who work on the interbank market describe it as, and what I've read about it. so I look forward to this thread
In a nutshell, the current regime of floating, free-market (as opposed to USD/gold-pegged) exchange rates, as we know it, was largely in place for major currencies by 1973. This should get you started: http://en.wikipedia.org/wiki/Foreign_exchange_market See the Bretton Woods link for more in-depth historical background, if interested.
Thanks mynameistom and Late apex for that info. Threads such as this aren't as sexy as the thread with the new MACD setting, etc. so I don't know how much participation we will get. But......... I wish to add currencies to my trading mix, and a little history and knowledge never hurts. In fact, it's ALWAYS a prerequisite. Thanks again, Dave Scott