Reading a Currency Quote

The speaker uses a live trading simulation to explain how to read a currency quote.  Currencies are always traded in pairs and the first currency is referred to as the base currency while the second currency is referred to as the counter currency.  Basically, the quote gives you an amount of the counter currency that would be required to purchase one unit of the base currency.  The US dollar is the base currency in the forex market and a quote of this type of pair is considered a cross rate.