B
| Balance of Trade
The value of a country’s exports minus its imports. |
| Bar Chart
A type of chart which consists of four significant points: the high and the low prices, which form the vertical bar, the opening price, which is marked with a little horizontal line to the left of the bar, and the closing price, which is marked with a little horizontal line of the right of the bar. |
| Base Currency
The first currency in a Currency Pair. It shows how much the base currency is worth as measured against the second currency. For example, if the USD/CHF rate equals 1.6245 then one USD is worth CHF 1.6245 In the FX markets, the US Dollar is normally considered the ‘base’ currency for quotes, meaning that quotes are expressed as a unit of $1 USD per the other currency quoted in the pair. The primary exceptions to this rule are the British Pound, the Euro and the Australian Dollar. |
| Bear Market
A market distinguished by declining prices. |
| Bid Price
The bid is the the price at which the market is prepared to buy a specific Currency in a Foreign Exchange Contract or Cross Currency Contract. At this price, the trader can sell the base currency. It is shown on the left side of the quotation. For example, in the quote USD/CHF 1.4565/32, the bid price is 1.4565; meaning you can sell one US dollar for 1.4565 Swiss francs. |
| Bid/Ask Spread
The difference between the bid and offer price. Big Figure Quote – Dealer expression referring to the first few digits of an exchange rate. These digits are often omitted in dealer quotes. For example, a USD/JPY rate might be 117.50/117.55, but would be quoted verbally without the first three digits i.e. “50/55”. |
| Book
In a professional trading environment, a ‘book’ is the summary of a trader’s or desk’s total positions. |
| Broker
An individual or firm that acts as an intermediary, putting together buyers and sellers for a fee or commission. In contrast, a ‘dealer’ commits capital and takes one side of a position, hoping to earn a spread (profit) by closing out the position in a subsequent trade with another party. |
| Bretton Woods Agreement of 1944
An agreement that established fixed foreign exchange rates for major currencies, provided for central bank intervention in the currency markets, and pegged the price of gold at US $35 per ounce. The agreement lasted until 1971, when President Nixon overturned the Bretton Woods agreement and established a floating exchange rate for the major currencies. |
| Bull Market
A market distinguished by rising prices. |
| Bundesbank
Germany’s Central Bank. |
| A B C D E F G H I J K L M N O P Q R S T U V W X Y Z |
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