Can you guys please validate the following for me:
Accounts Location Currency Domestic Currency Price Currency Business Location Currency Foreign Currency Base Currency
I wish to know if I have matched the above correctly.
The price and base currencies depend on the exchange rate quotation, not on where the account or business is located.
If I’m a resident of Australia and own a British bond, then, for me, the domestic currency is AUD and the foreign currency is GBP. If I see a currency quote as GBP/AUD 0.5116, GBP is the price currency and AUD is the base currency. If the quote is AUD/GBP 1.9547, AUD is the price currency and GBP is the base currency.