The price of Base Currency expressed in Quotation Currency.
In the interbank market, USD is the universal base currency other than quoted against Euro (EUR), Sterling Pound (GBP), Australian Dollar (AUD), Canadian Dollar (CAD) and New Zealand Dollar (NZD).
There are two distinct segment of OTC foreign exchange market. One segment is called as 'interbank' market and the other is called as 'merchant' market.
Interbank market is the market between banks where dealers quote prices at the same time for both buying and selling the currency. The mechanism of quoting price for both buying and selling is called as market making.
In majority of the 'merchant' market, merchants are price takers and banks are price givers.
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