Parity - "Parity" is: (A) Foreign exchange dealer's slang for "your price is the correct market price." (B) Official rates in terms of SDR or other pegging currency.

Parities -"Parities" are the value of one currency in terms of another.

Pegged - "Pegged" is a system where a currency moves in line with another currency. Some pegs are strict while others have bands of movement.

Pip - "Pip" is the minimum fluctuation or smallest increment of price movement.

Position -"Position" is the netted total commitments in a given currency. A position can be either flat or square (no exposure), long (more currency bought than sold), or short (more currency sold than bought).

Profit taking - "Profit taking" is the unwinding of a position to realize profits.