== U of Forex Dictionary ==

Ultimo
Continental term for month or year end.

Uncovered
Another term for an open position.

Under reference (Order)
Before finalizing a transaction all the details should be submitted for approval to the order giver, who has the right to turn down the proposal.

Under-valuation
An exchange rate is normally considered to be undervalued when it is below its purchasing power parity.

Undo
A colloquial term for reversing a transaction. e.g. a spot sale by means of a forward purchase or if done in error a spot purchase.

Uniform Price Auction
See Dutch Auction.

Unit of Account
A device designed to provide a consistent value with varying currencies. e.g. Euro and SDR.

Unload
Term for sale of assets or unwinding positions either to limit loss or to undermine other market participants positions.

Unmatched Book
If the average maturity of a banks liabilities is less than that of its assets, it said to be running an unmatched book.

Unwind
Selling of assets and or instruments to square a position.

Up tick
A transaction executed at a price greater than the previous transaction.

US Dollar index
Currency index of the United States dollar relative to a basket of foreign currencies. It is a weighted geometric mean of the dollar's value compared to the Euro (EUR), Japanese Yen (JPY), Pound Sterling (GBP), Canadian Dollar (CAD), Swedish Krona (SEK) and Swiss Franc (CHF).US Quote Exchange rate quotation on a reciprocal basis. See domestic quote.