Apparently Liz does not know how to read the currency screen as she just reported the dollar is down against the yen (correct) and up against the euro and the British pound (incorrect).
If you do not know, whatever currency is listed first is what the green or red arrow pertains to. For example on the CNBC currency board they show Euro/US$ 1.2647 up 0.0025. This means that the euro (first one listed) is up 0.0025 against the dollar which in this case is down.
Usually, exchange rates are quoted and followed in the same way. For example a comparison between the US dollar and the Singapore dollar is always quoted with the US dollar first. The US dollar against the Aussie is always quoted with the Aussie first. I am aware of two exceptions to this one way quoting, the Canadian dollar and the euro are often quoted in both directions.
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2 comments:
Euro is quoted with the EUR first in all cases. That is the only hard fast rule. The others seem to just work their way around. Sometimes I wish their was more reasoning behind it. However, I think Liz just gets busy and has never really taken the time to think through what she says.... as a lot of her counterparts do.
On currency quotes, a "direct quote" is DC/FC and an "indirect quote" is FC/DC where FC = foreign currency and DC = domestic currency. This helps when determining triangular arbitrage opportunities. The dollar is usually quoted as a direct quote as a convention in the markets.
Jeff
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