The eight leading industrial countries: The United States, Japan, Germany, United Kingdom, China, France, Canada and Italy.

Gold Standard

The original system for supporting the value of currency issued. The way that where the price of gold is fixed against the currency it means that the increased supply of gold does not lower the price of gold but causes prices to increase.

Good Till Cancelled (GTC)

An order, such as a Stop Loss and Limit Order, left with a dealer to buy or sell at a fixed price and which will remain in place until it is executed or cancelled by the client.


Market slang for the US Dollar.

Gross Domestic Product (GDP)

Total value of a country's output, income or expenditure produced within the country's physical borders.

Gross National Product (GNP)

Gross domestic product plus ' factor income from abroad ' - income earned from investment or work abroad.

Head and Shoulders

A pattern in price trends which chartist consider indicates a price trend reversal.


A hedging transaction is one that protects an asset or liability against a fluctuation in the foreign exchange rate. Instruments used are varied and include forwards, futures, options and combinations of all of them. For commercial foreign exchange deals the most common hedging tool is the Forward Contract.


Market slang for Hong Kong Dollar.


Acronym for International Bank Account Number. It is a standardised means of identifying bank accounts used for European cross-border payments.


Acronym for the International Monetary Fund, established in 1946 to provide international liquidity on a short and medium term and encourage liberalisation of exchange rates. The IMF supports countries with balance of payments problems with the provision of loans.


Acronym for the International Monetary Market, part of the Chicago Mercantile Exchange that lists a number of currency and financial futures.

Inconvertible Currency

Currency which cannot be exchanged for other currencies, either because this is forbidden by the foreign exchange regulations or controlled by that country's central bank.

Indicative Quote

A dealer's price that is not firm so can't be dealt on.

Indirect Currency

A currency that is normally quoted as Dollars per unit of currency rather than the normal quote method of units of currency per Dollar. Pounds sterling is the most common example; 1 Pound buys 1.8000 US Dollars.

Industrial Production Index

A coincident indicator measuring physical output of manufacturing, mining and utilities.


An economic condition reflecting a continued rise in the general price level in conjunction with a related drop in purchasing power.


The specification of the banks at which funds shall be paid upon settlement.

Interbank Broker

A specialist broker who acts as an intermediary between market makers who wish to buy or sell FX, without revealing their identities to other market makers.

Interbank Rates

The foreign exchange rates at which international banks trade currencies with each other. The basis of the Interbank market.


Deliberate action by a central bank to affect the value of its currency by entering the market. Concerted intervention refers to action by a number of central banks to control exchange rates.

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