A Forex Currency in General
Currencies (like USD or EUR) in the Forex Market are traded in pairs and that means you trade one currency against for another. Therefore, Forex currencies are always quoted in terms of their price against another currency (ie USD/EUR).
Base / Quote Currency
The first currency in a quote is called the base currency and the second is called the quote currency or the counter. That means that in EUR/USD, the EUR is the base and the USD is the quote.
The Major Forex pairs are:
1) EUR/USD, 2) GBP/USD, 3) USD/JPY, 4) AUD/USD, 5) USD/CAD and 6) USD/CHF
MORE CURRENCY DEFINITIONS
What are Currency Symbols?
Currency Symbols are indicating particular currencies, for example EUR for Euro or AUD for Australian Dollar.
What is Currency Conversion?
In the Forex market, a currency exchange is simply the exchange of one currency for another.
What is Currency Option?
Currency options are contracts to buy or sell one currency for another at an agreed quote and within a predefined period of time.
What is Currency Rate
A currency rate is the price rate of a particular currency against another particular currency.
What is a Currency Forecast
It is the prediction of a future currency movement.
Read More: » What is a Forex Account
What is a Forex Currency Pair