Andorra and the euro facto" used the EU's euro (the currency of the Eurozone states) as it had historically used the French franc and Spanish peseta. When those two currencies were replaced by the euro in 2002, the euro replaced the franc and peseta as the sole circulating currency in Andorra. Unlike the three other European microstates outside of the EU, Monaco, San Marino and the Vatican City, which adopted the euro when it was introduced, Andorra did not conclude a monetary agreement with the EU but rather used it unilaterally. These agreements gave the three microstates the right to issue their own euro
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