Pip

A pip is the smallest unit of price for a currency. It’s the last decimal point in exchange rates or currency pairs. For most currencies a pip is 0.0001 or 1/100 of a cent. Most currencies are traded in lots of $100 000. For that amount a pip is $10.The last digit in a currency rate (e.g., for EUR/USD, 1 point = 0.0001).