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Currencies prices are quoted as a relative price. In most cases, the quotes are to the US Dollar. Most currencies are quoted as 1 US Dollar is equal to how many units of the alternate. As an example, 1 US Dollar is equal to 91.60 Japanese Yen. This is a Direct quote. Indirect quotes are the other way, so how many US Dollars do you get for 1 unit of the alternate. Currencies quoted in this way are Euro, British Pounds, Australian Dollars and New Zealand Dollars. So 1 Euro is equal to 1.46 US Dollars.
This is done by convention.
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