How do you interpret this currency rate?

[nnavigator]

“The Euro is selling for $0.70”
So I’m assuming it means 1 EUR = 0.7 USD, therefore it can also be described as “0.7 EUR/USD”, right?
Thank you!

 

[S2000magician]

In the real world, you would see EUR/USD 0.70.
Unfortunately CFA Institute’s notation disagrees with that of the real world. CFA Institute would quote this as USD/EUR 0.70.

 

[nnavigator]

Thank you for the clarification! Appreciate it as always.

 

[S2000magician]

My pleasure.