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What is a pip?

 

A pip is the smallest price change that an exchange rate can make. Most currency pairs are priced to four decimal points, meaning that the smallest change that can be calculated is one hundredth of a per cent. This is also known as a basis point, hence where the term ‘per point’ comes from. The EUR/USD will trade to four decimal places, however the USD/JPY only trades to three decimal places.

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