Disclaimer: CFD’s zijn complexe instrumenten en hebben een hoog risico van snel verliezen van geld als gevolg van hefboomwerking.
U moet overwegen of u begrijpt hoe CFD’s werken en of u het zich kunt veroorloven om het hoge risico te nemen om uw geld te verliezen.
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Bhutan Ngultrum (BTN)
The currency of Bhutan, pegged 1:1 to the Indian rupee since 1974. The peg reflects Bhutan’s deep economic integration with India: most of Bhutan’s trade flows through India, hydroelectric exports to India provide a major source of foreign exchange, and the rupee circulates freely alongside the Ngultrum within Bhutan.
Issued by the Royal Monetary Authority of Bhutan, the BTN splits into 100 chhertum. Notes go from 1 to 1,000 BTN. Because of the peg, Bhutan effectively imports Indian monetary policy, which makes sense given the trade structure but limits independent options during shocks that affect the two economies differently.
Example: A traveller crossing from Phuentsholing into Jaigaon (the border towns connecting Bhutan and West Bengal) can spend either currency on either side without exchange. Indian rupees work in Thimphu hotels; Bhutanese ngultrums are accepted in some shops on the Indian side, though less commonly because the BTN isn’t legal tender in India formally.
Bid price
The highest price a buyer is currently willing to pay for a security. Pair it with the ask (lowest price a seller will accept), and you have the bid-ask spread; the price of immediate execution.
Two basic rules. If you want to sell right now, you sell at the bid. If you want to buy right now, you pay the ask. The spread is the cost of impatience, captured by market makers and other liquidity providers in exchange for being willing to take the other side.
In an order book, the bid you see at the top is just the best bid. There are usually layers of bids below it at progressively lower prices, called depth. Deep order books mean a large order can be filled without moving the price much. Thin order books mean a moderate order can move the price visibly. Spreads tighten in liquid markets and widen when uncertainty rises.
Example: Apple’s order book at any given moment might show a bid of $189.45 for 200 shares and an ask of $189.46 for 150 shares. A one-cent spread. A retail trader hitting the bid sells at $189.45. The same trader lifting the offer pays $189.46. That penny per share, multiplied across billions of trades, is how market makers earn their living.
Bid-Offer Spread
The difference between the highest price a buyer is willing to pay (the bid) and the lowest price a seller is willing to accept (the offer, also called the ask). It’s the price you pay for immediate execution.
Tight spreads mean liquid markets; lots of participants, narrow gap, low cost of trading. Wide spreads mean illiquid or stressed markets, where market makers are charging more to take the other side. The spread also widens around news events, before market opens, in fast-moving conditions, or for less actively traded instruments.
Retail traders often underestimate how much spread matters. On a high-frequency strategy, half a basis point of spread eats most of your edge. On a long-term position, it barely matters.
Example: EUR/USD in liquid London hours trades with a spread of around 0.1 pips at major dealers. The same pair quoted at 3am during a Tokyo holiday with thin volume might widen to 1.5 pips, fifteen times the cost, even though the mid-price has barely moved.
Biflation
A condition where some categories of goods or assets see rising prices while others see falling prices, simultaneously. The term gets used loosely, but the underlying point is real: averaged inflation indices can hide divergent dynamics underneath.
Commodities and necessities going up while housing and discretionary goods come down is one classic biflationary pattern. Wages stagnant while financial assets boom is another. The reason it matters is that headline inflation numbers smooth over the actual experience of households, who feel different baskets of prices depending on where they sit on the income distribution. Biflation periods often produce political tension, because some segments feel punished by inflation while others feel asset wealth quietly rising.
Example: The 2008 period showed pronounced biflation. Oil briefly hit $147 a barrel and food prices were rising, while US housing was already in steep decline and consumer durables were softening. CPI looked moderate; the underlying picture was anything but.
Big Figure Quote
In foreign exchange, the leading digits of a price; the part everyone already knows. If EUR/USD is trading at 1.0850, the “1.08” is the big figure and the “50” is the pip side. Traders working on professional desks often quote only the pips, because saying the full price every time wastes seconds in a market where seconds matter.
A trader hearing “fifty / fifty-two” knows the bid and offer are 1.0850 and 1.0852 because the big figure is already understood. The convention can confuse newcomers. Hearing “show me thirty” doesn’t mean a price of 30; it means show a quote at the X.XX30 level.
The big figure changes whenever the price crosses a round 100-pip level, at which point traders deliberately re-quote in full to avoid confusion.
Example: During a fast move when GBP/USD breaks above 1.2700, a dealer might shout “we’re trading the new big figure”; meaning quotes shift from 1.26-handle pips to 1.27-handle pips, and everyone needs to re-anchor mentally to the new round level.
Big Mac Index
An informal measure of purchasing power parity published by The Economist since 1986. The idea is simple: a Big Mac is roughly the same product everywhere it’s sold, so comparing its local price across countries gives you a rough sense of whether currencies are overvalued or undervalued against each other.
If a Big Mac costs $5.50 in the US and the equivalent of $4.00 in Tokyo at current exchange rates, the yen looks undervalued. The index is a teaching tool more than a serious forecasting model. Real PPP comparisons need to control for non-tradeable inputs like wages, rent, and local taxes, which a Big Mac includes implicitly. Still, the index is useful precisely because it’s intuitive; it makes the abstract concept of PPP graspable to anyone who has ever bought a burger.
Example: The January 2024 Big Mac Index showed the Indian rupee as one of the world’s most undervalued currencies on PPP grounds, with a Maharaja Mac (the local equivalent) costing the dollar equivalent of roughly $2.40 versus over $5.50 in the US.
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