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Technical Analysis Analysis of market price action. Technical analysis studies historical price changes with the aim to forecast future price movements. By studying price charts and a host of supporting technical indicators, we in effect let the market tell us how it is most likely to behave. The whole purpose of charting the price action of a market is to identify trends in the early stages of their development and then trade in the direction of those trends. One of the two types of analysis used to analyze the currency market.
Thursday/Friday Dollars A US foreign exchange technicality. If a foreign bank buys dollars on Tuesday for Thursday delivery; if the bank leaves the funds overnight and transfers them on Friday by means of a clearing house check then clearance is not until Monday, the next working day. Higher interest rates for this period are available as a result.
Tomorrow to Next Simultaneous buying and selling of a currency for delivery the following day and selling for the next day or vice versa.
Two-Way Price Rates for which both a bid and offer are quoted.
Trading Policies and Procedures Trading policies and procedures, as may, from time to time, be revised, updated or amended by Delta Stock at its sole discretion.
T Bill: see Treasury Bill.
Tagesgeld: German term for money lent until the following day and automatically repaid on the day. Taegliches geld automatically rolls over.
Talking up: Statements made normally by the central bank or government minister designed to bolster market sentiment with respect to the currency.
Tail: (1) In US Treasury cash auctions, refers to the differences between the average " issue price" and the "stop out price". (2) In the repo market, a dealer establishes a tail when it deliberately makes the reverse repo for longer than the repo in the hope t
Tap: UK term for a supply of Government stock available for sale through the Government broker at a stated price.
Tau: Expresses the price change of a option for a percentage change in the implied volatility.
Technical Analysis: Is concerned with past price and volume trends- often with the help of chart analysis- in a market, in order to be able to make forecasts about future price developments of the commodity being traded.
Technical Correction: An adjustment to price not based on market sentiment but technical factors such as volume and charting.
Temporal Accounting: Method of determining accounting exposure which translates all balance sheet items at the current rate of exchange, not the one at the time the cost was incurred.
Tender: (1) A formal offer to supply or purchase goods or services. (2) In the UK the term for the weekly Treasury Bill issue.
Tenor: Maturity or number of days to maturity normally on bills of exchange.
Terme: French for period.
Terme sec: French for outright in forward foreign exchange transaction.
Termingeld: German term for money market operations of over one month.
Terms of Trade: The ratio between export and import price indices.
Theta: A measure of the sensitivity of the price of an option to a change in its time to expiry.
Thin market: A market in which trading volume is low and in which consequently bid and ask quotes are wide and the liquidity of the instrument traded is low.
Thursday/Friday Dollars: A US foreign exchange technicality. If a foreign bank buys dollars on Tuesday for Thursday delivery. If the bank leaves the funds overnight and transfers them on Friday by means of a clearing house cheque then clearance is not until Monday, the next worki
TIBOR: Tokio Inter-bank Offered Rate.
Tick: A minimum change in price, up or down.
Ticket: See Deal Slip.
Tier One: A measure of a banks financial strength used by the BIS being the shareholders' equity available to cover actual or potential irredeemable and non-cumulative preference shares. It excludes, hybrid forms of capital such as fixed term stock, goodwill, and r
Tight Money: A condition where there is a shortage of credit as a result of monetary policy restricting the supply of credit normally through raising interest rates.
TIFFE: Tokio International Financial Futures Exchange
Time decay: The decline in the time value of an option as the expiry approaches.
Time deposit: Interest bearing deposits at a savings institution that has a specific maturity.
Time value: That part of an option premium which reflects the length of time remaining in the option prior to expiration. The longer the time remaining until expiration, the higher the time value.
Today/Tomorrow: Simultaneous buying of a currency for delivery the following day and selling for the spot day, or vice versa. Also referred to as overnight.
Tombstone: Colloquial term for announcement in a publication that a loan or bond has been arranged.
Tomorrow next ( Tom next): Simultaneous buying of a currency for delivery the following day and selling for the spot day or vice versa.
Trade date: The date on which a trade occurs.
Trade deficit/Surplus: The difference between the value of imports and exports. Often only reported in visible trade terms.
Trade weighted Exchange rate: The changes in the exchange rate against a trade weighted basket including the currencies of the county's principal trading partners.
Traded options: Transferable options with the right to buy and sell a standardized amount of a currency at a fixed price within a specified period.
Tradeable amount: Smallest transaction size acceptable.
Trade Ticket: See deal ticket.
Transaction date: The date on which a trade occurs.
Tranche: (1) In the bond market it has two meanings 1.One of a series of two or more issues with the same coupon rate and maturity date, but with different dated dates. The tranches become fungible at a future date, usually the first coupon date. 2.A bond that sha
Transaction: The buying or selling of securities resulting from the execution of an order.
Translation loss / profit: The calculation of loss or profit resulting from the valuation of foreign assets and liabilities for balance sheet purposes, when consolidating into the base currency.
Treasury bills: Short-term obligations of a Government issued for periods of one year or less. Treasury bills do not carry a rate of interest and are issued at a discount on the par value. Treasury bills are repaid at par on the due date. In the UK they are normally for 
Treasury bonds: Government obligations with maturities of ten years or more.
Treasury method: A bond interest calculation method. The yield to maturity used by the U.S. Treasury to price bonds at auction. Partial periods are discounted using simple rather than compound interest U.S. Street Method).
Treasury notes: Government obligations with maturities more than one year but less than ten years.
Treasury stock: Previously issued stock that has been repurchased by, or donated to, or otherwise are acquired by the issuing firm. Treasury stocks pay no dividends and have no voting privileges.
Treaty of Rome: Founding treaty of the EU, most recently modified by the Maastricht Treaty.
Troc, troquer: French FX term for swap.
Turnover: The total money value of currency contracts traded is calculated by multiplying size by the number of contracts traded.
Two Tier market: A dual exchange rate system where normally only one rate is open to market pressure, e.g. South Africa.
Two- Way quotation: When a dealer quotes both buying and selling rates for foreign exchange transactions.

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