The bid ,or buy; The Ask, or sell, offer
Spot quotations are bid (buy) and offer or ask (sell) rates at which a market-maker will buy and sell the base currency against another currency.
USD1=DEM1.4123/33
USD1=DEM1.4123/33
1: the big figure
23: bid
33:offer
23/33:the unit difference between two prices the spread which is usually about 10 pips as in this case.
The currencies involved:
USD=Base currency
DEM=Counter currency(Deutsche Mark)
Direct and indirect currency rates are quoted using the usual letter combinations but some of the currency pairs have their own terms.
GBP/USD is known as a Cable
USD/CHF is known as a Dollar-Swishy
USD/DEM is known as a Dollar-Mark
USD/FRF is Known as a Dollar-Paris
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