The difference between the bid and ask price is known as a spread. Forex currencies are always quoted in terms of the current price compared to another currency since traders always trade one currency for another. They are written in pairs to make things easier. For example, AUD/USD (Australian Dollar/US Dollar, where AUD is the “base currency” and USD is the “counter currency”). This would be written as 1.5/1 if it cost $1.5 AUD to buy $1 USD.
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