First off, forgive me if this sounds like something I should already know. I'm a newbie trader . I have a pretty good grasp on the mechanics of the commodities market, yet treating a currency as a commodity is a new concept to me and I'm trying to wrap my head around how the close prices are determined for currencies. F.ex. on 05 June the US Dollar closed at 92.59. Assuming the ideal average for the dollar would indeed be 1.00, exactly how is this 1.00 figure derived? I've asked around and received various answers, most involving tap dancing. Any perspective is appreciated.