what is a direct quote 
a direct quote is a foreign exchange rate quoted in fixed units of foreign currency in variable amounts of the domestic currency in other words a direct currency quote asks what amount of domestic currency is needed to buy one unit of the foreign currency most commonly the u s dollar usd in forex markets in a direct quote the foreign currency is the base currency while the domestic currency is the counter currency or quote currency this can be contrasted with an indirect quote in which the price of the domestic currency is expressed in terms of a foreign currency or what is the amount of domestic currency received when one unit of the foreign currency is sold note that a quote involving two foreign currencies or one not involving usd is called a cross currency quote understanding direct quotesthe use of direct quotes versus indirect quotes depends on the location of the trader asking for the quote as that determines which currency in the pair is domestic and which is foreign non business publications and other media usually quote foreign exchange rates in direct terms for the ease of consumers however the foreign exchange market has quoting conventions that transcend local borders a direct quote can be compared to an indirect quote as its inverse or by the following expression 