FX fact: US intervention
MARKET NEWS
For 20 years following the establishment of the Bretton Woods fixed exchange rate system in 1944, the US did not intervene in the currency markets at all. Its obligation under Bretton Woods was to ensure the gold convertibility of the dollar remained at $35 per ounce for central banks and monetary authorities of fellow International Monetary Fund members.
But by the early 1960s, things had changed. Wrestling a serious balance of payments problem brought about by the old system, the US switched
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