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Forex Dictionary

Term Equivalent terms Definition
Naked Put A put sold by someone who is not short the underlying asset. It is considered very risky because if the put holder’s market dramatically fell in price, the put seller must pay the put holder a substantially amount of cash. See also Covered Options.
Narrow Market Occurs when there is light trading and large fluctuations in prices can occur due to low volume trading; for instance, a large order to buy the instrument can affect the price significantly. Also called a thin market.
Negative Carry Pairs A carry trade where the trader is long the lower interest currency and short the higher interest currency. For instance, the trader might be long USD (at low 0.5% interest) and short the AUD (at high 3.5% interest), and thus short AUDUSD, with a negative carry of -3%, and yet the trade may not be so bad if were part of a hedging strategy.
Net Asset Value NAV The total value of an asset (company, fund or trading account) less liabilities. With a trading account, the NAV is the balance of deposits, realized and unrealized profit/loss, and interest, minus withdrawals.
Net Position The size or value of a position after offsetting opposite positions. In terms of size, if one where long 5000 units of EURUSD, and short 3000 units of EURUSD, then one’s net position size is long 2000 units of EURUSD. In terms of value, if one were long 5000 EURUSD with 100 pips profit (and thus up $5000), and short 3000 units of EURUSD with 50 pips in loss (and thus down $1500), the net position value is +$3500.
Netting A method of reducing credit, settlement and other risks of financial contracts by aggregating (combining) two or more obligations to achieve a reduced net obligation.
New Zealand Dollar NZD The New Zealand dollar is the currency of New Zealand. It also circulates in the Cook Islands, Niue, Tokelau, and the Pitcairn Islands. It is divided into 100 cents. See also: NZD
News Trader An investor who bases his/her decisions on the outcome of a news announcement and its impact on the market.
Noise Price and volume fluctuations that confuses traders trying to interpret market direction. Traders of technical analysis apply smoothing indicators like the moving average to reduce noise and see more clearly the overall direction.
NOK Currency symbol for the Norwegian Krone.
Non-Client Order an order to buy or sell a security by a member firm on an exchange, rather than a client. In securities trading, non-client orders are allowed, but brokers must give priority to client orders for the same securities.
Non-Farm Payroll NFP Reported monthly on the first Friday at 8:30 am EST, this figure represents the total number of paid U.S. workers of any business, excluding farm employees, general government employees, private household employees, and employees of nonprofit organizations that provide assistance to individuals. The NFP report also includes estimates of the average work week and average weekly earnings of all non-farm employees. It has become the most dramatic news event for the major currency pairs.
NYCE New York Cotton Exchange.
NZD NZD is the currency symbol for the New Zealand Dollar. See also: Kiwi
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