Pipette
Definition · Level 8 · Rates, FX & macro
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A tenth of a pip: the extra decimal place some brokers show (five decimals on EUR/USD, three on USD/JPY).
Example
1.08503 → 1.08517 is 14 pipettes, or 1.4 pips.
Where Tradecraft teaches it
Level 8 · Rates, FX & macro, in the lesson “FX quotes, pips and lots”: Read a currency pair, count pips and size lots.
Related terms
- Base currencyThe first currency in an FX (foreign exchange) pair, the one being priced.
- Currency pairTwo currencies quoted against each other as BASE/QUOTE: the price is how many units of the second buy one unit of the first.
- EUR/USDThe most traded pair in the BIS (Bank for International Settlements) surveys, again in April 2025: the price of one euro in US dollars.
- Pip sizeThe standard foreign exchange (FX) price increment, a “pip”: 0.0001 (4th decimal) for most pairs, 0.01 (2nd decimal) for yen pairs.
- Pip valueThe money one pip is worth on a position, in the quote currency: lot size × pip size.
- Quote currencyThe second currency in a currency pair: the price is expressed in it, and pip values and P&L land in it until converted back.