Currency quotes show the relationship between two currencies. Specifically, they are prices of currencies and are expressed in two different ways, depending on the trader’s perspective:

1.Direct quote: expresses the price of a foreign currency in terms of a country’s domestic currency
2.Indirect quote: expresses the price of the domestic currency in terms of the foreign currency
 

E-quivalents is a CME Group application utilizing real-time updates of FX futures prices and quantities, paired with user defined forward points, to calculate spot FX equivalent prices and quantities for each currency pair.

This interactive video provides specific insights into trading FX futures including:

1.Distinctions between the OTC and exchange traded FX products
2.Contract specifications and costs for FX
3.Details on how to get started trading FX futures
 

The forward exchange rate between two currencies is based on the current exchange rate, in the spot or cash market, adjusted for the risk-free interest rate for each currency to account for geo-political differences in the countries.
 

Forward rates provide expected prices of currencies at later dates and are determined by the spot rate and the interest rates of the two countries represented by the currencies. When evaluated in American terms:

1.Countries with interest rates lower than those in the US have currencies that trade at a premium to the spot rate.
2.Countries with interest rates higher than those in the US have currencies that trade at a discount to the spot rate.