A Forex quote is always a two-sided quote with a ‘bid’ and ‘offer’. The ‘bid’ is the price at which you can sell the base currency (i.e. buy the second currency). The ‘offer’ is the price at which you can buy the base currency (i.e. sell the second currency).
As mentioned before, the first currency listed is the base currency. In the major currency pairs the
US dollar is traditionally treated as the base currency this includes USD/JPY, USD/CHF and USD/CAD. In this case $1 USD (the base currency) is quoted in terms of the second currency.
For example, a quote of USD/JPY = 112.25 means that one US dollar is equal to 112.25 Japanese Yen.
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