Euro To Pound Sterling Currency Convertor
A forex pip (percentage in point or price interest point) is the smallest unit of price movement between two currencies. For six of the seven major currencies – the United States Dollar (USD), Eurozone Euro (EUR), British Pound Sterling (GBP), Swiss Franc (CHF), Australian Dollar (AUD) and Canadian Dollar (CAD) – a pip is 0.0001 of one cent. A pip for the seventh major currency, the Japanese Yen (JPY), is 0.01.
How Does a Forex Pip Reflect Currency Strength?
Currencies are quoted in pairs. The first currency in the quote is called the base currency. The base currency is always valued at 1.0000, or at 1.00 in the case of the Japanese Yen. The second currency in the quote is called the quote currency. A currency pair listed as EUR/USD means that the Euro is the base currency and the US Dollar is the quote currency. A quote represented as EUR/USD 1.2700 indicates that one Euro equals 1.2700 US Dollars. In other words, it takes 1.2700 US Dollars to buy one Euro. But currencies aren’t traded one bill against another. They are traded in lots of 100,000.
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