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Direct/indirect Quotes And Base/counter Currency Forex Pairs
By a.anies
Every local can be quoted directly or indirectly against other currencies (most of the time the US Dollar):
Direct quotation: Amount of local that is needed to buy one unit of the foreign (most commonly the USD)
And,
Indirect Quotation: Amount of local that is to be received when one unit of the foreign is sold.
Ok, now imagine your local 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 first of the pair is always called base currency. The second is called counter

Indian Rupee to Get Unique Symbol in 2010-2011
<div style="padding:0px; margin-bottom:1.5em;"> <a href="http://www.indiajournal.com/pages/event.php?id=10194" style="font-size:1.2em">Indian Rupee to Get Unique Symbol in 2010-2011</a> <br> <span style="color:#888888;">India Journal</span> - <span style="white-space:nowrap">1 hour ago </span> <div style="width:80%;">NEW DELHI - The Indian Rupee will this fiscal join the elite league of global currencies like US dollar, British Pound and Euro that have their unique symbols, Finance Minister Pranab Mukherjee ...</div> </div>
New contract high for the Canadian Dollar
<div style="padding:0px; margin-bottom:1.5em;"> <a href="http://www.forexhound.com/article/Fundamentals/Daily_Reports/New_contract_high_for_the_Canadian_Dollar/190797" style="font-size:1.2em">New contract high for the Canadian Dollar</a> <br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">3 hours ago </span> <div style="width:80%;">CURRENCIES: 03/11/10 Higher closes yesterday for the Aussie Dollar, Euro Fx and Swiss Franc while lower for the Canadian Dollar, Japanese Yen, British Pound and dollar index. The euro and franc ...</div> </div>
British Pound Halts Slide, New Zealand Dollar Extends Decline Following RBNZ Rate Decision
<div style="padding:0px; margin-bottom:1.5em;"> <a href="http://www.dailyfx.com/forex/technical/article/winners_and_losers/2010-03-11-1700-British_Pound_Halts_Slide__New.html" style="font-size:1.2em">British Pound Halts Slide, New Zealand Dollar Extends Decline Following RBNZ Rate Decision</a> <br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">6 hours ago </span> <div style="width:80%;">The British Pound halted the three-day decline and is the best performing currency against the US dollar on Thursday, while the New Zealand dollar extended the decline following the RBNZ interest ...</div> </div>
British Pound / US Dollar 03-11
<div style="padding:0px; margin-bottom:1.5em;"> <a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-03-11-1544-British_Pound___US_Dollar.html" style="font-size:1.2em">British Pound / US Dollar 03-11</a> <br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">7 hours ago </span> <div style="width:80%;">After meeting resistance from former support / the 38.2% of the decline from 15825 / channel resistance, the GBPUSD has rolled over. I favor a drop below 14780 in a 5th wave. Risk can be moved to ...</div> </div>
British Pound Outlook Turns Neutral
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British Pound Advances as Inflation Expectations Push Higher, Euro Holds Tight Range
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British Pound exchange rates helped by Brown comments
<div style="padding:0px; margin-bottom:1.5em;"> <a href="http://www.economy-news.co.uk/pound-exchange-rates-11201003.html" style="font-size:1.2em">British Pound exchange rates helped by Brown comments</a> <br> <span style="color:#888888;">Economy News</span> - <span style="white-space:nowrap">13 hours ago </span> <div style="width:80%;">The pound euro exchange rate and the pound dollar exchange rate are both higher in morning trade. Yesterday was a mixed bag for the British Pound: Here is our analysis. Yesterday was a day of ...</div> <a href="http://www.nuwireinvestor.com/articles/british-pound-tumbles-over-past-month-54825.aspx">British Pound Tumbles Over Past Month</a> - <span style="color:#888888">NuWire Investor</span><br> </div>
Market exchange rates -- March 11
<div style="padding:0px; margin-bottom:1.5em;"> <a href="http://www.istockanalyst.com/mobile/viewarticle.aspx?articleid=3937501" style="font-size:1.2em">Market exchange rates -- March 11</a> <br> <span style="color:#888888;">istockAnalyst.com</span> - <span style="white-space:nowrap">21 hours ago </span> <div style="width:80%;">BEIJING, Mar. 11, 2010 (Xinhua News Agency) -- The central parity rate of the RMB against five major currencies announced March 11 by the China Foreign Exchange Trading System: Currency Unit ...</div> </div>
British Pound / US Dollar 03-10
<div style="padding:0px; margin-bottom:1.5em;"> <a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-03-10-1646-British_Pound___US_Dollar.html" style="font-size:1.2em">British Pound / US Dollar 03-10</a> <br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 10, 2010 </span> <div style="width:80%;">After meeting resistance from former support / the 38.2% of the decline from 15825 / channel resistance, the GBPUSD has rolled over. I favor a drop below 14780 in a 5th wave. Risk can be moved to ...</div> </div>
GBP and JPY Under Selling Pressure
<div style="padding:0px; margin-bottom:1.5em;"> <a href="http://www.forexyard.com/en/market-analysis/afternoon/gbp_and_jpy_under_selling_pressure-2010-03-10" style="font-size:1.2em">GBP and JPY Under Selling Pressure</a> <br> <span style="color:#888888;">Forexyard</span> - <span style="white-space:nowrap">Mar 10, 2010 </span> <div style="width:80%;">The leading events in the forex market today have been the sudden dip in the value of both the British Pound and Japanese Yen. With the GBP already facing sell-pressure from a string of bad data ...</div> </div>

(or quote currency). pair quotes are always expressed in units of the counter to get one unit of the base currency.
EUR/USD = Base Currency/Counter Currency
This is how many USD are required to get one EUR
If the EUR/USD quote is 1.2520, then it requires 1.2520 USD to get one EUR…and the same goes for other pairs:
If the USD/JPY quote is at 110.05, it requires 110.05 JPY to get one USD
TIP: The EUR is always the dominant base against all other currencies. All pairs against the EUR are identified as EUR/USD, EUR/JPY, EUR/CHF...The next in the hierarchy is the GBP, which is always the base currency, but against the EUR (EUR/GBP).

by a.anieswww.trade-4x.blogspot.com- www.trade-4x.blogspot.com/>

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Industry term - Same as Foreign Exchange