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How to Read Forex Quotes and Understand Currency Pairs: A Beginner’s Guide
Forex quotes are presented in pairs; the first currency represents the base currency, and the second is the quote currency. For instance, in the case of EUR/USD, EUR serves as the base currency, while USD is the quote currency
In Forex trading, currencies are always traded in pairs. This is because you’re simultaneously buying one currency and selling another.
EUR/USD = 1.1000
This means 1 Euro is worth 1.10 US Dollars.
Base Currency: The first currency in the pair (e.g., EUR in EUR/USD)
Quote Currency: The second currency in the pair (e.g., USD in EUR/USD)
Think of it like this:
You’re asking, “How many units of the quote currency (USD) do I need to buy 1 unit of the base currency (EUR)?”
Forex quotes are typically shown with two prices:
EUR/USD = 1.1000 / 1.1002
If you want to buy, you’ll pay the ask price (higher).
If you want to sell, you’ll receive the bid price (lower).
The difference between the two is called the spread, which is often how brokers make money.
If you believe the Euro will strengthen against the USD, you would buy EUR/USD.
If you believe the Euro will weaken, you would sell EUR/USD.
Major Pairs – Most traded and always include the USD (e.g., EUR/USD, GBP/USD)
Minor Pairs – Don’t include the USD but involve strong economies (e.g., EUR/GBP, AUD/JPY)
Exotic Pairs – Involve one major currency and one from a smaller or emerging economy (e.g., USD/TRY, EUR/SEK)
n Forex trading, currencies are always traded in pairs. This is because you’re simultaneously buying one currency and selling another
Forex prices don’t move randomly — they react to real-world events and financial data. The value of a currency pair like EUR/USD can rise or fall due to changes in economic conditions, interest rates, or even breaking news.
Here are the major factors that influence currency pairs:
When a country raises interest rates, its currency tends to strengthen. This is because higher rates attract foreign investors looking for better returns.
Example: If the U.S. Federal Reserve raises interest rates, the USD often gains strength — pushing EUR/USD lower.
Inflation reports, GDP growth, employment figures, and retail sales data all impact currency strength. Strong data = strong currency.Example: A strong Non-Farm Payroll (NFP) report in the U.S. may boost the USD.
Currencies favor countries with stable governments. Political uncertainty can weaken a currency, even if the economy looks strong.
Example: Brexit caused high volatility in GBP/USD due to political risk.
When investors feel confident, they move money into “riskier” currencies (like AUD, NZD). In uncertain times, they flock to “safe havens” like the USD, JPY, or CHF.
Example: During a global crisis, USD/JPY might fall as traders buy JPY for safety.
Every currency pair reacts differently to news and data. As a trader, it’s important to understand why a pair is moving — not just how much.
👉 Stay tuned for Lesson 3: “What Moves the Forex Market” where we’ll go deeper into these influences with real-world examples and strategies.
Currency pairs represent the exchange rate between two currencies
The first is the base; the second is the quote
Forex quotes show the bid and ask prices
Knowing how to read these is key to making smart trades