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A Currency Conversion Pattern for DAX

Teo Lachev pulls out the money clip:

Currency conversion is a common requirement, such as when implementing analytics on top of ERP sales data recorded in multiple currencies. The most flexible approach is to allow the user to select a currency and perform the conversion at runtime, ideally by centralizing the conversion code in Power BI calculation groups. However, this approach has several shortcomings:

Read on for those shortcomings, as well as an approach Teo has to improve things.