Learn Currency Trading: What’s a Currency Pair

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A currency pair refers to the quotation of two different currencies against each other.  A currency pair tells how much of the quote currency is required to buy a single unit of the base currency.  The two currencies involved are:

1. The base currency(the first mentioned currency in a currency pair)
2. Quote currency (the second currency of a currency pair)

In a currency pair, the value of one currency is quoted against the other.  The base or first currency against the quote or second currency.  There are two ways to identify a currency:

• By an ISO currency code
• By a three-letter alphabetic code accepted by the international market

For example, for the US currency, the code would be USD.  For the Great Britain Pound, the code would be GBP.

Points to ponder:

• In the FX trading market, a currency pair refers to the price quote of the exchange rate for two different currencies.
• In exchanging two currencies, the base or first-mentioned currency in a currency pair is bought while the quote or second-listed currency is sold.
• The most liquid in the currency trading world is the EUR/USD pair because it is the most heavily traded pair.
• The USD/JPY comes in as second on the list of the world’s most popular currency pairs.

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