Performance Index Paper

Pip

The smallest price change that a given exchange rate can make. Since most major currency pairs are priced to four decimal places, the smallest change is that of the last decimal point – for most pairs this is the equivalent of 1/100 of one percent, or one basis point.
Source: Investopedia
Usually the 4th decimal place but NOT always true
  • E.g. USD/JPY – the Yen and any Yen pairs are priced to two decimal places