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An exchange system quotation is given by stating the number of units of "quote

currency" (price currency, payment currency) that can be exchanged for one unit of
"base currency" (unit currency, transaction currency). For example, in a quotation that
says the EUR/USD exchange rate is 1.2290 (1.2290 USD per EUR, also known as
EUR/USD; see foreign exchange market), the quote currency is USD and the base
currency is EUR.

Bilateral exchange rate involves a currency pair, while effective exchange rate is
weighted average of a basket of foreign currencies, and it can be viewed as an overall
measure of the country's external competitiveness. A nominal effective exchange rate
(NEER) is weighted with the inverse of the asymptotic trade weights. Real effective
exchange rates (REER) adjust NEER by appropriate foreign price level and deflates
by the home country price level. Compared to NEER, a GDP weighted effective
exchange rate might be more appropriate considering the global investment
phenomenon.

The spot exchange rate refers to the current exchange rate. The forward exchange rate
refers to an exchange rate that is quoted and traded today but for delivery and
payment on a specific future date

Market psychology and trader perceptions influence the foreign exchange market in a
variety of ways:
Flights to quality: Unsettling international events can lead to a "flight to quality," with
investors seeking a "safe haven." There will be a greater demand, thus a higher price,
for currencies perceived as stronger over their relatively weaker counterparts. The
U.S. dollar, Swiss franc and gold have been traditional safe havens during times of
political or economic uncertainty.

Long-term trends: Currency markets often move in visible long-term trends. Although
currencies do not have an annual growing season like physical commodities, business
cycles do make themselves felt. Cycle analysis looks at longer-term price trends that
may rise from economic or political trends.

"Buy the rumour, sell the fact": This market truism can apply to many currency
situations. It is the tendency for the price of a currency to reflect the impact of a
particular action before it occurs and, when the anticipated event comes to pass, react
in exactly the opposite direction. This may also be referred to as a market being
"oversold" or "overbought". To buy the rumour or sell the fact can also be an example
of the cognitive bias known as anchoring, when investors focus too much on the
relevance of outside events to currency prices.

Economic numbers: While economic numbers can certainly reflect economic policy,
some reports and numbers take on a talisman-like effect: the number itself becomes
important to market psychology and may have an immediate impact on short-term
market moves. "What to watch" can change over time. In recent years, for example,
money supply, employment, trade balance figures and inflation numbers have all
taken turns in the spotlight.

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