EXCHANGE RATES EXPLAINED - THREE

Brief History of Exchange Rates

Gold was the foundation of the worlds currencies. Whatever your paper said, it was backed up by that amount in gold held by that government. The U.S. government used to set the value of the dollar. Then, after WWII, other countries would base their own currency on the value of the U.S. dollar. If you knew how much a U.S. dollar was in gold, then you could figure out what your own yen was worth in gold.

Over the years, the U.S. dollar fell behind with inflation and other currencies became more stable and even more valuable.

In 1971, the U.S. left the gold standard, leaving no gold associated with the dollar in your pocket. Now, it is based on the world market and world events that can influence it. The U.S. dollar and the euro are the dominating currency in transacted funds. They are followed by the British Pounds, Canadian dollars, Australian dollars and the yen in Japan.

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Next Page: Types of Exchange Rates

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Defining Exchange Rates

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