Pf Current Forex Quotes
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Current Forex Quotes
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One of the biggest sources of confusion for those new to the currency market is the standard for quoting currencies. In this section, we'll go over currency quotations and how they work in currency pair trades. Reading a Quote When a currency is quoted, it is done in relation to another currency, so that the value of one is reflected through the value of another. Therefore, if you are trying to determine the exchange rate between the U.S. Dollar (USD) and the Japanese yen (JPY), the forex quote would look like this: USD/JPY = 119.50 This is referred to as a currency pair. The currency to the left of the slash is the currency, while the currency on the right is called the or counter currency.
Current Forex Prices
The base currency (in this case, the U.S. How lucrative is forex trading. Dollar) is always equal to one unit (in this case, US$1), and the quoted currency (in this case, the Japanese yen) is what that one base unit is equivalent to in the other currency. The quote means that US$1 = 119.50 Japanese yen. In other words, US$1 can buy 119.50 Japanese yen. The forex quote includes the currency abbreviations for the currencies in question.
Direct Currency Quote vs. Indirect Currency Quote There are two ways to quote a currency pair, either. A direct currency quote is simply a currency pair in which the domestic currency is the quoted currency; while an indirect quote, is a currency pair where the domestic currency is the base currency. So if you were looking at the Canadian dollar as the domestic currency and U.S.
Dollar as the foreign currency, a direct quote would be USD/CAD, while an indirect quote would be CAD/USD. The direct quote varies the domestic currency, and the base, or foreign currency, remains fixed at one unit. In the indirect quote, on the other hand, the foreign currency is variable and the domestic currency is fixed at one unit. For example, if Canada is the domestic currency, a direct quote would be 1.18 USD/CAD and means that USD$1 will purchase C$1.18.
The indirect quote for this would be the inverse (1/1.18), 0.85 CAD/USD, which means with C$1, you can purchase US$0.85. In the forex spot market, most currencies are traded against the U.S. Dollar, and the U.S. Dollar is frequently the base currency in the currency pair.
In these cases, it is called a direct quote. This would apply to the above USD/JPY currency pair, which indicates that US$1 is equal to 119.50 Japanese yen. Free audio books about self improvement.
However, not all currencies have the U.S. Dollar as the base. The Queen's currencies - those currencies that historically have had a tie with Britain, such as the British pound, Australian Dollar and New Zealand dollar - are all quoted as the base currency against the U.S. The euro, which is relatively new, is quoted the same way as well. In these cases, the U.S.