This breakdown of the fixed exchange rate system ended each country’s obligation to maintain a fixed price for its currency against gold or other currencies. Under Bretton Woods, countries had bought when the exchange rate fell and sold when it rose; now national currencies floated, meaning that the exchange rate rose or fell with market demand. If the exchange rate appreciated, buyers received fewer units of domestic money in exchange for a unit of their own currency. Purchasers of domestic goods and assets then faced higher prices. Conversely, if the currency depreciated, domestic goods and assets became cheaper for foreigners. ...(100 of 10400 words)