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I find currency charts confusing. For instance see https://finance.yahoo.com/quote/EURUSD=X/ https://finance.yahoo.com/quote/EURUSD=X/ What does it mean that
by galaxyLogic 5y ago
I find currency charts confusing.
For instance see https://finance.yahoo.com/quote/EURUSD=X/ https://finance.yahoo.com/quote/EURUSD=X/
What does it mean that
EUR/USD (EURUSD=X)
1.0523
Does it mean that if I exchange one Euro
to dollars I get 1.0523 Dollars?
OR does it mean if I exchange one Dollar
to Euros I get 1.0523 Euros?
How would I know which one it is?
Is there some official convention for this?
Does EUR/USD mean something like
"Euro divided by Dollar" ?
And what does "EURUSD=X" mean?
- ryanr1230 5y agoYes there is an official convention [1]. EUR/USD = X means you pay X USD (the quote currency, listed second) for one unit of EUR (the base currency, listed first). These are usually always the same way for the same pair of currencies (EURUSD is almost always USD as the quote currency, USDCHF is almost always Swiss franc as the quote currency) [1] https://www.cmegroup.com/education/courses/introduction-to-fx/understanding-fx-quote-conventions.html https://www.cmegroup.com/education/courses/introduction-to-f...
- galaxyLogic 5y agoThanks for the explanation and link.
- twoxproblematic 5y ago