In regard to exchange rate determination aspect, the oversight of exchange rate history since 1970s (Richardson1979: 215), there has been a decline in the nominal value and fluctuations of the UK sterling pound in the world market against other currencies like US dollar and Japanese yen.
This was as a result of the abandonment of the fixed exchange rates which were applicable across all transaction counters. But during the late 1990s the pound gained strengths due the available trade deficits with its trading partners. In this connection, Laurence, (2005) states that monetary models of exchange rates are to help the economical conscious mind to establish whether there is a way by which exchange rates in the money market enhances support for the monetary models.
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