Quoted in pairs.
Forex transactions are quoted in pairs because you are buying one currency while selling another.The first currency is the base currency and the second currency is the quote currency. The price,or rate,that is quoted is the amount of the second currency required to purchase one unit of the first currency. For example, if EUR/USD has an ask price of 1.2178,you can buy one Euro for 1.2178 US dollars.
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