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A pipette is one-tenth of a pip — the fifth decimal place for most currency pairs (0.00001) or the third decimal place for JPY pairs (0.001). Also called a fractional pip. In MetaTrader 5 the smallest price step is called a point; on 5-digit forex quotes, one point equals one pipette. Many brokers quote prices with pipette precision to offer tighter, more accurate spreads. A pipette allows finer granularity in pricing but represents a much smaller price movement than a full pip.
EUR/USD is quoted at 1.10503. The last digit (3) is the pipette. If the price moves from 1.10503 to 1.10508, that is a 0.5-pip (5-pipette) move. On a standard lot, a single pipette is worth $1.00 (compared to $10 for a full pip).
