ForexGen | Latest U.S Dollar News…..

With ForexGen News Center The British pound depreciated vis--vis the U.S. dollar today as cable tested bids around the US$ 1.8235 level and was capped around the $1.8340 level. Cable reached its lowest level since July 2006. ForexGen platform features Data released in the U.K.Also ForexGen News Center today saw July Land Registry house prices fall 2% y/y while GfK August consumer confidence rose to -36 from -39 in July Additionally, IRS pay deals picked up 3.5% in the three months to July. ForexGen Services Cable bids are cited around the $1.8015 level. The euro moved higher vis--vis the British pound as the single currency tested offers around the ₤0.8065 level and was supported ForexGen platform features around the ₤0.8030 level. Download ForexGen Platform

Forex Trade Sizes with ForexGen

FOREX currencies are traded in much smaller divisions than cash. Whereas the smallest division in US cash is the penny ($0.01), US currency can be traded on the FOREX in divisions of $0.0001. This smallest division is called the pip (short for Price Interest Point – sometimes just called 'points'). Since currencies are traded in large lots of (say) $100,000 - small movements in value can generate substantial profits and losses. In a lot of US$100,000 one pip is worth $10 so an increase in 40 pips (4/10 of one cent) can generate a profit or loss of $400. Currencies are traded in lots of various sizes. The standard lot is 100,000 units of the base currency. A unit is the currency name e.g. one unit of US dollars is the dollar. So a standard lot of US currency is worth $100,000. FOREX trades can have lots of various sizes - a mini lot is 10,000 units, but the most trades are done using standard lots. Various currencies have different sized pips. The US dollar is expressed in pips of 0.0001 while the Japanese yen is expressed in pips of 0.01. The value of a pip depends on the size of a lot and the currency pair traded. Currency pairs with USD as the quote (second) currency (e.g. CAD/USD) always have a pip value of $10 per standard lot or $1 per mini lot. A pip value calculator can be used to calculate other currencies. For more detailed information can be found here