Quote Currency

The quote currency is the second currency in a pair and supplies the units used to express one unit of the base currency.

In EUR/USD, USD is the quote currency, so a price of 1.10 means one euro is valued at 1.10 U.S. dollars. A price increase indicates that the base currency strengthened relative to the quote currency, assuming the quotation convention is unchanged. P&L may still require conversion when the account currency differs, adding another exchange rate and potentially another spread or fee.