How do you interpret this currency rate?

CFA Level I
#1

“The Euro is selling for $0.70”

So I’m assuming it means 1 EUR = 0.7 USD, therefore it can also be described as “0.7 EUR/USD”, right?

Thank you!

#2

In the real world, you would see EUR/USD 0.70.

Unfortunately CFA Institute’s notation disagrees with that of the real world. CFA Institute would quote this as USD/EUR 0.70.

#3

Thank you for the clarification! Appreciate it as always.

#4

My pleasure.