A pip is a unit of change in an exchange rate In the Forex market, the value of currency is given in pips. One pip equals 0.0001 , sometimes also referred to as Point
One "pip" is the smallest price change that an exchange rate can make. Most currencies are priced to four numbers after the point except Japanese yen is priced to two numbers after point
For example, a five pip spread for EUR/USD is 1.2540/1.2545
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