Q54

In relation to FX markets, all of the following are correct EXCEPT:

Select one:

a. FX dealers quote both a bid and an offer price on a foreign currency.

b. A direct quote in New Zealand is where the NZD is the unit of the quotation and the USD the terms currency.

c. The rate NZD/USD means the price of NZ dollars in terms of the US dollar.

d. A FX transaction entered in today, for settlement tomorrow is referred to as a "tom value transaction".

e. The difference between the FX dealer bid and ask quotes is referred to as the spread.