Many institutions in the forex market quote prices down to 1/100th of a cent in the euro/US dollar currency pair. 1/100th of a cent is called a "pip"; therefore, a change in the price of a euro from $1.4613 to $1.4614 is a change of one pip.FXCM actually shows prices with an even greater degree of precision, down to 1/10th of a pip (which is 1/1000th of a cent). Forex prices are always quoted in pairs, such as the euro to the US dollar (abbreviated EUR/USD). The price shown in the dealing rates box to the right defines how much of the second currency 1 unit of the first currency is worth. For example, a EUR/USD buy price of 1.46160 means that it takes $1 and 46.160 cents to buy 1 euro
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