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Futures and Forex Glossary Dictionary U

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Unconvertible Currency

A currency that is not traded on the forex market but used only for domestic purposes.

Uncovered Option

A short call or put option, where the option is not covered by a purchase or sale of the underlying asset.

Underlying Futures Contract

The futures contract which is specified as the underlying asset that an option gives the holder the right to buy or sell.


When the price of a currency pair is less than what fundamental factors indicate it should be.


The quantity measurement of currency pairs.

Unrealized P/L

Profit or loss that can be realized by closing a position. See Also: Realized P/L

Unsterilized Foreign Exchange Transaction

When a central bank buy or sell foreign currency, but does not offset the transaction in the domestic market. Unsterilized transactions affect a country's monetary base. See Also: Sterilized Intervention


When there is extreme volatility on an exchange, rules may require a trader to purchase or sell a security at a higher price than previous trades.

US Dollar

The currency of the United States of America. One dollar is made up of 100 cents.

US Prime Rate

The rate at which banks lend to their most preferred clients.

US Treasury

The department of the U.S. Government that issues bonds, notes and bills.
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