A computer program used by trading platform software to manage positions and execute trader orders automatically with little or no manual control using pre-determined criteria.

A screen-based, anonymous trading system used by banks and other institutional investors to trade foreign exchange (also referred to as FX, FOREX), and other precious metals.

European Central Bank, the central bank of the Eurozone.

Statistical data about a country’s economy. These figures can include unemployment, consumer price index (CPI), gross domestic product (GDP), money supply, and housing related data.

A set of principles used in chart analysis based on 5- and 3-wave patterns.

Emerging market currencies.

Countries that are developing economically. Economies can be any size (as large as China, or as small as Colombia). These markets are beginning to make up an increasing proportion of trading in financial markets.

A group of policies aimed at converging the economies of the European Union’s member states. EU Countries that are not part of the Eurozone are still included in the EMU.

The price at which an instrument was purchased.