1) Most U.S. Dollar exchange rates are quoted in foreign currency per one U.S. Dollar (Foreign/Home or F/H) The U.S. Dollar is said to be quoted in European terms USD/JPY 83.22 which means Another way of stating the exchange rate would be: 83.22/$ which means For an U.S. investor this is also an indirect quote on the U.S. Dollar and a direct quote for a Japanese investor. A direct quote is the price of one foreign currency unit in domestic currency units (H/F). An indirect quote is the price of one domestic currency unit in foreign currency units (F/H). 2) The Euro and many former members of the British Commonwealth (e.g. Australia or Canada) are quoted in U.S. Dollar per one foreign currency unit. (Home/Foreign or H/F) The U.S. Dollar is said to be quoted in American terms. EUR/USD 1.3036 which means Another way of stating the exchange rate would be: $1.3036/ which means For an U.S. investor this is a direct quote and an indirect quote for a European investor