A currency pair is the quotation and pricing structure of the currencies traded in the foreign exchange market. It is the value of one currency expressed in terms of another currency.
A currency pair is typically made up of two currencies, the base currency and the quote currency. The base currency is the first currency listed in the pair, and the quote currency is the second currency. For example, in the currency pair EUR/USD, the base currency is the Euro (EUR) and the quote currency is the US Dollar (USD).
The value of a currency pair is typically quoted in terms of the exchange rate, which is the number of units of the quote currency needed to buy one unit of the base currency. For example, if the EUR/USD currency pair is trading at 1.2000, this means that it takes 1.2000 US dollars to buy one Euro.
Currency pairs are an important part of the foreign exchange market, as they are the primary way that currencies are traded and quoted. They are used by traders to speculate on the movements of currency exchange rates, and to hedge against currency risks.