In Conversation, Interbank Foreign Exchange Traders Use a Shorthand Abbreviation

question 32

Multiple Choice

In conversation, interbank foreign exchange traders use a shorthand abbreviation in expressing spot currency quotations. Consider a $/£ bid-ask quote of $1.9072-$1.9077. The "big figure", assumed to be known to all traders is _____.

• A)1.9077
• B)1
• C)1.90
• D)77

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Definitions:

Centimeters

A measurement in the metric system that corresponds to one hundredth of a meter in length.

Yards

A unit of length in the Imperial and US customary systems, equal to 3 feet or 0.9144 meters.

Meters

The base unit of length in the International System of Units (SI), equivalent to 100 centimeters.

Milliliters

A unit of volume in the metric system, equal to one-thousandth of a liter.