In a currency pair notation, the first currency is called the base currency, and the second is called the quoted currency. The notation USD/UZS means how many som one US dollar costs: the base currency is the dollar, the quoted currency is the som.
A direct quote expresses a foreign currency in the national currency, while an indirect quote does the opposite. A cross rate is the ratio of two currencies calculated through a third: for example, the euro to som rate can be calculated through the dollar if direct trading of this pair is limited.
A practical implication for investors: specifying a pair determines the direction of change. A rise in USD/UZS means the dollar appreciates and the som weakens, not the other way around. When comparing data from different sources, verify the order of the pair notation—an error in interpretation reverses the conclusion.