exchange rate

Meant as a temporary measure, the so-called Nixon shock of 1971 caused the dollar to drop, effectively ending the Bretton Woods system of fixed exchange rates established after the end of World War II.

“In March, China bought more soybeans from Brazil in one month than ever in their history. Favorable exchange rates and no tariff barriers led to that procurement behavior,” he said.

Central banks use US dollars in international transactions, to pay for international debt, or to support domestic exchange rates.

The company pointed to high inflation and "fluctuating exchange rates" in a blog post explaining its decision.

“The exchange rate is brutal for anyone not making a lot of money on tours. If you look at international bookings at major festivals, they’ve been declining. I fear that trend will increase substantially.”