Let’s assume we’re trading the Eurodollar and us states Dollar FOREX pair (EUR/USD). The first currency from the pair (EUR/USD) is known as the base currency, which will be the Euro in this instance. The second currency is known as quoted currency (EUR/USD). In this example it will be the US Amount of money.
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Different currencies don’t all go to be able to 4 numbers. The Japanese Yen for example only goes out two decimal points such as – 123.17 – the “7” being the PIP.