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You say at 07:50 in the Foreign Exchange Risk Management lecture that a $/£ rate of 1.6 means “1.6 of the first currency ($) = 1 of the second currency (£)”.
According to Wikipedia, “The quotation EUR/USD 1.3225 means that 1 Euro will buy 1.3225 US dollars”. In other words: 1 unit of the FIRST currency = 1.3225 units of the SECOND currency.
Isn’t this the reverse of your definition?
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