Trade · 6 pages · 12 min

How a currency pair is quoted

A currency pair prices one unit of the base currency in units of the quote currency.

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From the opening

A pair names a base currency and a quote currency, and the number is the price of one unit of the base in units of the quote. If that number rises, one unit of the base costs more of the quote currency. The opening covers base first, quote second, the number is quote per base, and bid and offer are one market.

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Inside

Base first, quote second
The number is quote per base
Bid and offer are one market
Up means the base costs more
Where the idea stops applying
A distinction worth keeping

Sources

Base and quote currency convention
Bid-offer spread in foreign exchange

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How a currency pair is quoted

From the opening

Inside

Sources

Also on the desk