Hello,
Looking at many examples on the internet for a currency.
Example: EURUSD
It says that it has a price with 4 decimal places like:
1.1893
I have downloaded market prices from my broker and here some prices show 6 decimal places like below example. It can also show 4 decimal places as seen below:
[B]01/06/2015,1328,1.188625,1.188775,1.188475,1.188775,0
01/06/2015,1329,1.188775,1.189325,1.188725,1.189175,0
01/06/2015,1330,1.189175,1.189375,1.189175,1.189325,0
01/06/2015,1331,1.189325,1.189325,1.189175,1.189325,0
01/06/2015,1332,1.1893,1.189325,1.1892,1.189275,0[/B]
I wonder why they give 6 decimal places like this example. This happens for many different pairs.
This gets me confused.
Why I ask this is because I need to be sure to know how to know what 1 PIP is for a specific currency pair.
Is it true that a specific currency pair has an international RULE to how many decimal places that currency pair has, as we will count the last decimal place difference as 1 PIP?
How will I do and think when looking at the data/price example above with 6 decimal places?