HI, if you are given AUD:MXN 6.42/6.4481 My understanding is that to convert from AUD to MXN you x by 6.42 and to go from MXN to AUD you x by 6.4481. My question is if that quote goes both ways then what does the reciprocal show you? So the bid would be 1/6.4481 and ask of 1/6.42, what would you use that for??? Cheers
what this quote gives you is it takes 6.4481 MXN pesos to buy you 1 Austrailian dollar (ask side). if you take the reciprocal, then it takes .155763 australian dollars to buy 1 mexican peso.