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Currencies are quoted in pairs, for example the USD/EUR is the U.S. dollar/euro. Using this quotation, the value of a currency is determined by its comparison to another currency. The first currency of a currency pair is called the base currency , and the second currency is called the quote currency . The currency pair shows how much of the quote currency is needed to purchase one unit of the base currency. For example, if the USD/EUR currency pair is quoted as being USD/EUR = 0.8000 and you purchase the pair; this means that for every 0.80 euros you sell, you purchase (receive) US$1. If you sell the currency pair, you will receive 0.80 euros for every US$1 you sell.