Forex Market was set up by the Bretton Woods agreement in 1944, which aims was to fix the rate of currencies against the dollar. This precedent was first put into practice in 1967, when a bank in Chicago refused to fund a loan to a professor in sterling pound. Of course, his intention was to sell the currency, which he felt was priced too high against the dollar, then buy it back later when the value had declined, turning a quick profit.
