The Bretton Woods Agreement was a landmark 1944 international monetary accord signed by 44 countries that established a system of fixed exchange rates with the US dollar pegged to gold at $35 per ounce. It created the International Monetary Fund (IMF) and the World Bank to promote global financial stability and economic development. The system collapsed in 1971 when President Nixon ended dollar-gold convertibility, ushering in the modern era of floating exchange rates. The Bretton Woods era fundamentally shaped the structure of today's global financial system.
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“The collapse of the Bretton Woods Agreement in 1971 marked the beginning of the modern forex market, where currencies were allowed to float freely against each other.”