The Current Rates Window

The Current Rates Window initially appears on the top left hand side of the platform screen. In the Current Rates Window there is a table with eight columns. Below is a brief explanation of each:

Currency - There are twelve currency pairs listed in the column under the Currency heading. MG currently facilitates trading in ten currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD, AUD/JPY, EUR/JPY, GBP/JPY, and EUR/GBP . Prices for EUR, GBP, and AUD are quoted differently than for JPY, CHF, and CAD. There are two types of quotations, namely, direct quotation and indirect quotation. A currency is quoted directly when the quote tells you the price of 1 unit of this currency expressed in terms of another currency. In Forex dealing JPY, CHF, and CAD are quoted indirectly against the dollar, i.e. each is expressed in dollar terms. EUR, GBP, and AUD are quoted directly against the dollar, that is to say all quotes are made not in terms of the dollar (as in the case of CHF, JPY, and CAD), but instead in terms of EUR, GBP, and AUD.

The remaining Crosses are currency pairs that are also traded in the Foreign Exchange market. They are included here as an information resource and can be indicative of the broader market.

BID - In the column under the Bid heading is a list of prices. For the listed currency pairs, these are the actual prices upon which MG is prepared to deal. If the trader seeks to take advantage of the numerical exchange rate moving lower, the bid price represents the highest price at which MG is willing to trade. For JPY, CHF, and CAD, the trader can initiate an order to sell US dollars at the bid price. For EUR, GBP, and AUD, the trader can initiate an order to sell euros, pounds, or Australian dollars on the bid price.

ASK - In the column under the Ask heading is a list of prices. For the listed currency pairs, these are the actual prices upon which MG is prepared to deal. If the trader seeks to take advantage of the numerical exchange rate moving higher, the ask price represents the price at which MG is willing to trade. For EUR, GBP, and AUD, the trader can initiate an order to buy euros, pounds, or Australian dollars on the ask price. For JPY, CHF, and CAD, the trader can initiate an order to buy US dollars at the ask price.

In a trading situation, consider the figure USD/JPY 116.52/57. What this figure means is that MG would be able to buy US dollars at 116.52 but is willing to sell them back at 116.57. For a trader, the spread is inherently important to know because your desire to obtain or liquidate your position on the market will be affected by the spread.

High - This is the highest bid price recorded since the beginning of the current trading session. The trading sessions begin at 3:00 PM New York Time, with the exception of Sundays when trading begins at 5:00 PM.

Low - This is the lowest ask price recorded since the beginning of the current trading session.

Time - The time of the last update to the bid and ask quotations for a particular currency pair.

Rollover - This is the rollover charge, in U.S. dollars, which was applied to each open position of the particular currency at 3:00 PM New York Time. The charges change every day depending on the swap rate. Be aware that the charge for holding an open position at 3:00 PM on Wednesday night is approximately three times the normal amount. This is due to the fact that rollover charges for Friday, Saturday and Sunday are applied on Wednesday.

Alert Bid - Click on the blank box of any currency's row, enter a price, and when the Bid-side rate has been reached for that currency, a pop-up window will appear, along with a one-time "beeping" sound.