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Understand Forex Quotes

Posted By On 10/25/2007 05:54:00 PM Under
1. Understanding the Forex quotes is a must for the beginners and the same is elucidated in detail below:

2. In a quote the first currency listed first is the base currency and the value of the base currency is always 1.

3. The US dollar is the currency around which the Forex market revolves and it is normally considered as the 'base' currency for quotes. In the "Majors", it includes US dollar(USD)/Japnese Yen(JPY), USD/CHF and USD/CAD. For these currencies and many others, quotes are given as a unit of $1 USD and the second currency is quoted in the pair.

3. To illustrate above a quote of USD/JPY 110.01 means that one U.S. dollar is equal to 110.01 Japanese yen.

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