Exchange rates (Economics)

CFA Level I Economics
#1

Hello, can someone please explain why Schweser notes describe USD/EUR currency pair as 1.41 for example, the “price” they state is always the first currency in pair, so they explain it like 1.41 USD for 1 EUR, which in my opinion is incorrect.

I work in IT at Investment Bank and i am confused since everywhere i see exchange rates it works like this - 1-st currency is “Base” currency and 2-nd currency is Quoting(Price) currency, Schweser notes turn this all around and i can’t understand why, can someone exaplain?

#2

CFA Institute’s convention is the reverse of industry practice; Schweser does it that way because CFA Institute does it that way.

You simply have to get accustomed to it.

#3

S2000magician, thanks a lot!

#4

My pleasure.