The quote currency is the second currency in a pair, the one the exchange rate is expressed in. In AUD/USD it is the US dollar: the rate counts US dollars per Australian dollar. It is sometimes called the counter or terms currency.
If the base currency is the item being priced, the quote currency is the money it is priced in. A rate of 0.65 for AUD/USD says the price of one Australian dollar is 0.65 US dollars. Change the quote currency and the same Australian dollar gets a different number: one figure in yen, another in euro, each describing a different relationship.
The quote currency also determines what a movement means in practice. When AUD/JPY rises, each Australian dollar buys more yen, which matters directly to an Australian travelling to Japan or sending money there.
Tradergy’s pair pages state both roles explicitly, and the travel-money pages put the quote currency in context for each destination, showing what a country uses and what one Australian dollar converts to there.
Longer read: How to read a currency pair, and why the order is only a convention. The three letters, the order they appear in, and the fact that the same rate can legitimately be written either way round. Where the codes come from and who decides them.
This page explains the term; the currency converter pages has the working numbers.
Related terms
Base currency · Currency pair · All terms
Primary authority: RBA explainer: exchange rates. Definition reviewed against the authority’s published material; this page is reference information, not advice.
Common questions
Is the quote currency the same as the counter currency?
Yes. Quote currency, counter currency and terms currency all name the second currency in a pair, the one the rate is denominated in. The terminology varies between markets but the meaning is identical.
Why does the choice of quote currency matter?
Because it sets the units of the answer. Pricing the Australian dollar in yen, euro or US dollars gives three different numbers describing three different relationships, even though the Australian dollar itself is the same currency in each pair.
Can the quote currency and base currency swap places?
Yes, by taking the reciprocal of the rate. Quoting USD/AUD instead of AUD/USD swaps the roles: the US dollar becomes the item priced and the Australian dollar becomes the money it is priced in. The information content is identical.