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Pips or points: The term used in currency markets to represent the smallest incremental move an exchange rate can make. The pip's value depends on the currency pair. For example, a pip/basis point equals 0.
The retail transaction cost (the bid/ask spread) is typically less than 0.1% (10 pips or points) under normal market conditions. At larger dealers, the spread could be less than 5 pips, and may widen considerably in fast moving markets.
 See also: Market, Loss, Bear, Bear Market, Action
  
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