The following are quotes from a currency dealer in the New York currency market:

2. Using the quotes provided above, answer the following question. (Phrase your explanation in parts b and d: as If you sell one (specify the currency) to the dealer, you will receive (specify the number of units and the currency) or If you buy one (specify the currency) from the dealer, you will pay (specify the number of units and the currency).)

2a. What is the base currency for the Australian dollar quote?

b. What is the dealers bid price for the Australian dollar? Explain what it means.

c. What is the base currency for the British pound quote?

d. What is the dealers ask price for the British pound? Explain what it means.

Currency Spot quot