المدربA currency pair is written as two three-letter codes, BASEQUOTE, and its rate is the number of units of the second, the quote currency, per unit of the first, the base currency. A pip is the conventional unit of a rate’s movement: 0.0001 for most pairs, 0.01 for pairs quoted in yen.
أمثلة
Example 14.4 (Three crosses)
With EURUSD 1.1462/1.1464, USDJPY 156.86/156.88 and GBPUSD 1.3371/1.3373, the synthetic EURJPY is 179.7929/179.8472, 5.43 pips wide, a relative spread of 3.02 basis points against 1.74 and 1.27 for the legs; EURGBP is 0.85710/0.85738, 2.78 pips; GBPJPY 209.7375/209.7956, 5.81 pips. A dealer that quotes a cross directly can quote it tighter than the synthetic, but not crossed with it: a direct EURJPY bid above 179.8472 could be sold to and bought back through the legs at a profit.