Currency pair a dot or a dash. A widely traded currency pair is the relation of the euro against the US dollar, designated as EUR/USD. The quotation "EUR/USD 1.2500" means that one euro is exchanged for 1.2500 US dollars. Here, EUR is the base currency and USD is the quote currency(counter currency). This means that 1 Euro can be exchangeable to 1.25 US Dollars. The most traded currency pairs in the world are called the "Majors". They involve the currencies euro, US dollar, Japanese yen, pound sterling, Australian dollar, Canadian dollar, and the Swiss franc. Currency quotations use the abbreviations for currencies
Currency substitution financial assets denominated in a foreign currency. It can also occur as a gradual conversion to full currency substitution, for example, Argentina and Peru were both in the process of converting to the U.S. dollar during the 1990s. "Dollarization", when referring to currency substitution, does not necessarily involve use of the United States dollar. The currencies that have been used as substitutes have been the US dollar, the euro, and the Australian dollar. After the gold standard was abandoned at the outbreak of World War I and the Bretton Woods Conference following World War II, some countries sought exchange rate