Quote:
Originally Posted by Webster
Thanks for the clarification. That was bothering me.
Webster
E$P$

You are very welcome.
The topic is more fully discussed and suggests more links and references here:
http://en.wikipedia.org/wiki/Pip_%28Finance%29
Pip (percentage in point)
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In finance, a percentage in point (pip or point) is 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.[1]
In order to calculate the pip value or how much is one pip, some additional information is needed, such as: trading size, leverage used, and the actual rate of the pair for which you want to calculate the pip value. For example in case of US Dollar, with trading volume of 1 lot (generally 100,000 units of the base currency), the minimum fluctuation point will be 10 USD.[2]
Egwig