- Expert Views
Online for growth
22 February 2010 • Author(s): FX-MM
Immediately after the Second World War, which left much of Europe’s economy landscape in tatters, the country that emerged with the fewest scars was USA. In 1944 after Brenton Woods Accord and IMF, the US dollar become the reserve currency for all capitalist countries of the world and the rest of the currencies, gold and crude oil were compared against it. This, we can identify, was the beginning of foreign exchange market. FX&MM charts the seemingly inexorable rise of the incredibly resilient FX market, to the point where – according to the Fed Reserve’s latest foreign exchange volume figures pertaining to the October 2009 reporting period – average daily volume in total over-the-counter foreign exchange instruments for North American alone saw a 28.1 percent rise to $675 billion.