Glossary

Little volume being traded in the market; a lack of liquidity often creates choppy market conditions.

A traditional futures contract based on major currencies against the US dollar. IMM futures are traded on the floor of the Chicago Mercantile Exchange.

The Chicago-based currency futures market, that is part of the Chicago Mercantile Exchange.

8:00am - 3:00pm New York.

Abbreviation for the Dow Jones Industrial Average.

Measures the total value of output produced by manufacturers, mines and utilities. This data tends to react quickly to the expansions and contractions of the business cycle and can act as a leading indicator of employment and personal income data.

An economic condition whereby prices for consumer goods rise, eroding purchasing power.

The initial deposit of collateral required to enter into a position.

The foreign exchange rates which large international banks quote to each other.

Adjustments in cash to reflect the effect of owing or receiving the notional amount of equity of a CFD position.

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

A person or corporate entity which introduces accounts to a broker in return for a fee.

Symbol for S&P 500 index.

A private company’s initial offer of stock to the public. Short for initial public offering.

An index that assesses the state of the US manufacturing sector by surveying executives on expectations for future production, new orders, inventories, employment, and deliveries. Values over 50 generally indicate an expansion, while values below 50 indicate contraction.

An index that surveys service sector firms for their outlook, representing the other 80% of the US economy not covered by the ISM Manufacturing Report. Values over 50 generally indicate an expansion, while values below 50 indicate contraction.