Does anyone else get frustrated by the fact that the CFAI uses a different quotation convention for foreign exchange than the standard convention? For example, in standard market convention the first currency is the base currency, so EUR/USD means “the price of the Euro (Base Currency) quoted in dollars” and USD/JPY means “the price of the USD (base Currency) quoted in Japaneese Yen.” However, on the exams, the CFAI write their quotes as fractions as do many other econ books taht I have seen, so for example the EUR/USD would mean “Euros per US Dollar (Base Currency)” or the Price of $1 quoted in Euros. I continually had to shift my way of thinking when I took level 2.
I believe the texts were recently updated to reflect the standard convention using a colon, EUR:USD, and maintained the use of EUR/USD to mean the faction where the USD is the Base currency. However you often see EUR:USD and EUR/USD to mean the same thing. This was rather frustrating when taking the exams.