Currency Pair

The quotation of two different currencies in the foreign exchange market, with the value of one expressed in terms of the other. Major pairs like EUR/USD, GBP/USD, and USD/JPY account for the vast majority of forex volume. The first currency is the "base" and the second is the "quote" -- EUR/USD at 1.10 means one euro costs 1.10 U.S. dollars. Forex is the largest financial market in the world, with daily turnover exceeding $7 trillion.