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ODEON KAPITAL AG

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  2. Trading Glossary
  3. Currency Pair

Currency Pair

A currency pair quotes the value of one currency, the base, in units of another currency, the quote currency, for a foreign-exchange transaction.

Defined termReviewed 16 July 2026

Related terms

Base CurrencyForeign Exchange (Forex)PipQuote CurrencyFiat CurrencyAsk Price

Educational risk notice

This material is general education, not personal investment advice or a promise of results. Markets can move beyond planned levels, and losses can exceed expectations when leverage, liquidity, gaps, or operational failures are involved.

Read the full risk disclosure
Trading glossaryReviewed 16 July 2026

Definition

A currency pair quotes the value of one currency, the base, in units of another currency, the quote currency, for a foreign-exchange transaction.

In market context

A move in the pair reflects the base currency strengthening or weakening relative to the quote currency, not an absolute change in either currency. Position direction, lot size, leverage, spread, financing, and account-currency conversion determine the resulting exposure and P&L. Foreign-exchange markets can move rapidly around economic releases or interventions, and retail off-exchange pricing may depend on the dealer.

Source

Use the primary source for fuller regulatory or market context.

CFTC — Foreign Currency Trading Customer Advisory

Educational risk notice

This material is general education, not personal investment advice or a promise of results. Markets can move beyond planned levels, and losses can exceed expectations when leverage, liquidity, gaps, or operational failures are involved.

Read the full risk disclosure

Related glossary terms

Selected from explicit term relationships and shared tags.

beginner3 min

Base Currency

The base currency is the first currency in a quoted pair and represents the unit whose value is being expressed in the quote currency.

forex · marketsRead guide
beginner3 min

Foreign Exchange (Forex)

Foreign exchange is the market and process for exchanging one currency for another at a rate expressed through a currency pair.

forex · marketsRead guide
beginner3 min

Pip

A pip is a conventional unit for expressing a currency pair’s price change, commonly the fourth decimal place but dependent on the pair’s quotation.

forex · pricingRead guide
beginner3 min

Quote Currency

The quote currency is the second currency in a pair and supplies the units used to express one unit of the base currency.

forex · pricingRead guide