History of Forex Trading - The Bretton Woods Agreement

In 1967, a Chicago bank refused a college professor named Milton Friedman a loan in the amount of £ (Pound Sterling) because he intends to use this loan to sell and buy back the dollar, he we have recognized that the Pound is the price too high against the dollar. He wanted to sell this cash, and then bought it when the Pound fell to a low price and return them to the bank. Of course, by the way he was quick profit. The bank's refusal led to the Bretton Woods Agreement agreement is set 20 years later. Agreement of the Bretton Woods Agreement took dollar (USD) as standard, and set the exchange rate between gold and dollars is $ 35 / 1 ounce.