Browse Market Structure

Direct Quote: Expressing Foreign Exchange in Domestic Currency

An overview of direct quotes in foreign exchange markets, their types, uses, and how they differ from indirect quotes.

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In a direct quote, the price of one unit of foreign currency is expressed in units of the domestic currency.

Why It Matters

Direct quotes are common in everyday market usage because they tell a domestic reader how much local currency is needed to buy foreign currency.

FAQs

When is a direct quote useful?

It is useful when you want to know how much local currency is required to buy foreign currency.

Is a direct quote the same everywhere?

No. The same currency pair can be quoted directly in one country and indirectly in another, depending on local convention.
Revised on Monday, May 18, 2026