Deficit A negative balance of trade or payments.

Delivery An FX trade where both sides make and take actual delivery of the currencies traded.

Depreciation A fall in the value of a currency due to market forces.

Derivative A contract that changes in value in relation to the price movements of a related or underlying security, future or other physical instrument. An Option is the most common derivative instrument.

Devaluation The deliberate downward adjustment of a currency’s price, normally by official announcement.

E

Economic Indicator Economic indicators such as GDP, foreign investment, and the trade balance reflect the general health of an economy, and are therefore responsible for the underlying shifts in supply and demand for that currency.

End Of Day Order (EOD) An order to buy or sell at a specified price. This order remains open until the end of the trading day which is typically 5PM ET.

EURO since 2002 the Euro has been the currency of the European Monetary Union (EMU). A replacement for the European Currency Unit (ECU). Members of the EMU are Germany, France, Belgium, Luxembourg, Austria, Finland, Ireland, the Netherlands, Italy, Spain and Portugal.

European Central Bank (ECB) the Central Bank for the new European Monetary Union.