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The Major Players in the Foreign Currency Exchange Market -
FOREX
Since the US dollar is the centerpiece of the market, it is
normally considered the 'base' currency for quotes. In the
"Majors", this includes USD/JPY, USD/CHF and USD/CAD. For these
currencies and many others, quotes are expressed as a unit of $1
USD per the second currency quoted in the pair. For example, a
quote of USD/JPY 123.50 means that one U.S. dollar is equal to
123.50 Japanese yen.
When the U.S. dollar is the base unit and a currency quote
goes up, it means the dollar has appreciated in value and the
other currency has weakened. If the USD/JPY quote listed above
were to increase to 124.01, that would mean that the dollar is
stronger because it will now buy more yen than before.
Some exceptions to this rule are the British pound (GBP), the
Australian dollar (AUD) and the Euro (EUR). In these cases, you
might see a quote such as GBP/USD 1.4366, which means that one
British pound equals 1.4366 U.S. dollars. In these three currency
pairs, where the U.S. dollar is not the base rate, a rising quote
means a weakening dollar, as it now takes more U.S. dollars to
equal one pound, euro or Australian dollar.
So if a currency quote goes higher, that increases the value
of the base currency. A lower quote means the base currency is
weakening. Currency pairs that do not involve the U.S. dollar are
called cross currencies, but the premise is the same. For
example, a quote of EUR/JPY 127.95 signifies that one Euro is
equal to 127.95 Japanese yen.
Chuck Cox is a Technical Writer and Industrial Scientist by
professional with a background in statistics. He has used
mathematical and statistical methods to invest and trade in the
stock, futures, and options markets. Chuck has owned various
businesses and presently operates several websites. To
investigate a new business idea, visit his website, http://www.earncashathometoday.com/trading-FOREX.htm
 MORE RESOURCES updated Wed. January / 20 / 2021
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