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The term 'pip' is frequently used in the foreign exchange (Forex) market. For example, if the USD/GBP is quoted as 1.26156 then any change to the quote's 

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A pip measures the amount of change in the exchange rate for a currency pair. For currency pairs displayed to four decimal places, one pip is equal to 0.0001. Yen-based currency pairs are an exception and are displayed to only two decimal places (0.01).