19.4 Fixed Exchange Rates • Fixed exchange rates – Systems where the exchange rate for one currency is pegged to a particular level for some period • To fix an exchange rate – The money supply must change by the same amount as the money supply in the country to which the currency is fixed. Exchange rates are the mechanisms by which world currencies are tied together in the global marketplace, providing the price of one currency in terms of another. An exchange rate is a price, specifically the relative price of two currencies. For example, the U.S. Dollar/Mexican peso exchange rate is the price of a peso expressed in U.S. On March 23, 2015, this exchange rate was USD 1.0945 per EUR, or, in market notation, 1.0945 USD/EUR.
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