Indirect quote
A way of writing a rate in which the domestic currency is priced in a foreign one.
How to read the number
Pairs based on sterling or the euro are quoted this way: the number shows how much foreign currency is given for one unit of the home one.
When the metric lies
Converting between the two conventions is division, not subtraction. Averaging or adding rates written in different forms produces a meaningless figure.
Also known as: foreign currency quotation