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    What is an exchange rate?

    The Forex market is quoted as one currency in relation to another. The first currency listed is the base currency. The second currency listed is the quote currency. For example, in the EUR/USD currency pair, the Euro is the base currency and the US dollar is the quote currency.

    The price represents how much of the quote currency is needed for you to get one unit of the base currency. Let’s assume the EUR/USD is trading at 1.3050. This means that for every 1 euro of the base currency (EUR), you would get $1.3050 of the quote currency (USD).

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