Learning to read Forex quotes is one of the first steps to beginning to trade on the Forex market. The quotes are always listed in pairs with the first one listed being known as the base currency that is always the value of one unit of that currency. The currency that is listed second is known as the counter. So, the first number shows the value of one currency compared to the second currency’s value. In laymen’s terms this means if you want to trade for one unit of the first currency, you will have to pay what ever dollar amount is listed after the second currency.
Sometimes there is something called a two sided quote. This is when there is two dollar amounts listed rather than just one. The first amount is the bid price which is the price that you can sell the base currency at. The second number is called the ask price and it is the price to buy the base currency. The difference between these two amounts is known as the spread and is where the money comes from to pay a broker if you are using one so that you don’t have to charge commission fees
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