Forex education India, Forex trading education India, Forex education course in India, free Forex education in India, Forex education free Currency Trading Basic Concepts-Section III: Direct/Indirect Quotes and Base/Counter Currency Pairs Forex education India, Forex trading education India, Forex education course in India, free Forex education in India, Forex education free Direct and Indirect Quotes Every local currency can be quoted directly or indirectly against other currencies (most of the time the US Dollar): Direct quotation: Amount of local currency that is needed to buy one unit of the foreign currency (most commonly the USD) And, Indirect Quotation: Amount of local currency that is to be received when one unit of the foreign currency is sold. Ok, now imagine your local currency is the EUR, in this case the quotation scheme against the US Dollar would be: Direct Quotation: USD/EUR – How many Euros to get one US Dollar And, Indirect Quotation: EUR/USD – How many US Dollars to get one Euro For the sake of simplicity, sometimes the US Dollar is called the “Foreign Currency”, so for the majors we have the following: Direct Currencies USD/JPY USD/CAD USD/CHF Indirect Currencies EUR/USD GBP/USD AUD/USD Counter and base (or quote) currency The […]
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