What is the quote for the exchange rate between Australia and the US dollar? Is...
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Accounting
- What is the quote for the exchange rate between Australia and the US dollar?
- Is the above quote considered a direct quote or an indirect quote for a person in the U.S.? Why?
- Traders quotes are different than the informal way currency are quoted; as discussed in the lecture, it is actually the exact opposite. If a trader's quote was USD/EUR 0.8214, the informal quote would be EUR0.8214/$ or 0.8214/$. They both mean the same thing, in this example, 1 dollar buys 0.8214 euro. Given the traders quote for your currency and the US dollar, how would you see the informal quote written?
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