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give prices of a foreign currency in units of local currency. For example, the spot rate for the euro may be quoted at 1.07 EUR/USD

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give prices of a foreign currency in units of local currency. For example, the spot rate for the euro may be quoted at 1.07 EUR/USD in the United Sates indicating that one euro costs 1.07 dollars. O fixed exchange rates floating exchange rates o direct quotes o indirect quotes

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