Reading Forex quotes is extremely simple once you get the suspend of it, as a result of it solely has 2 components: the bottom currency and therefore the counter or quote currency. once the bottom currency is USD, consider the quote as telling you the worth of it therein alternative currency.
The currency to the left of the forward slash is thought because the base currency whereas the currency on the correct is termed the quote or counter currency. the bottom currency perpetually incorporates a price of one.
In the example on top of, the GBP (Great GB pound) is that the base currency whereas the USD (U.S. dollar) is that the counter currency. that the quote would browse : one is cherish $1.5686.
In alternative words, if you would like to get one pound sterling you'd got to pay 1.5686 in U.S. dollars. If, however, you'd wish to sell one unit of the bottom currency, you'd receive 1.5685 U.S. greenbacks for it.
The position of a currency within the quote is strictly determined and normal. For the monetary unit and U.S. greenback combine, it's EUR/USD and ne'er USD/EUR.
When a currency quote doesn't embody the U.S. greenback mutually of its parts, this is often known as a cross currency. the foremost well-liked cross currencies among traders ar the EUR/GBP, EUR/CHF and EUR/JPY.
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