Bear
Someone who is sure the prices/market will decline. Bear Market
A market which suppose prices decline sharply against a background of widespread pessimism. Bid
The price offered for a currency; the price that a buyer is prepared to purchase at. Bid/Ask Spread
See Spread Bretton Woods Accord of 1944
This agreement established fixed foreign exchange rates for major currencies, provided for central bank intervention in the currency markets, and set the price of gold at US $35 per ounce. The agreement lasted until 1971. Broker
An agent who buys and sells currency, following investors' orders. Commission is usually charged for this service. It depends upon the broker and the amount of the transaction, may or may not be negotiated.
Bull
Someone who hopes the prices/market will rise.
Bull Market
A market which suppose rising prices.
Cable
Dealers' slang for the Sterling/US Dollar exchange rate.
Call Rate
The overnight interbank interest rate.
Cash Market
The market where physical currencies are purchasing and selling.
Convertible Currency
A Currency which doesn’t require special authorization from the appropriate central bank for the exchange. It can be freely exchanged for other currencies or gold.
Counter party
The customer or bank with whom a foreign currency deal is made. The term also means “a participant in a swap exchange”, used in interest and currency swaps markets.
Cross Rate
An exchange rate between two currencies. It is formed by the individual exchange rates of the two currencies, measured against the United States dollar.
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