== W of Forex Dictionary ==

Wage drift
The difference between the basic wage and actual earnings including overtime and bonuses.

Wash trade
A matched deal which produces neither a gain nor a loss.

Whipsaw
Term for where a trader takes a position, then has to move against it triggering stop loss limits and liquidation of positions, then having to move in the original direction. Normally occurs in volatile markets.

Wholesale Money
Money borrowed in large amounts from banks and institutions rather than from small investors.

Wholesale Price Index
It measures changes in prices in the manufacturing and distribution sector of the economy and tends to lead the consumer price index by 60 to 90 days. The index is often quoted separately for food and industrial products.

Window-dressing
Where financial institutions or companies raise funds for specific reporting dates such as year ends to give the appearance of high liquidity.

Working balance
Discretionary element in the monetary reserves of a central bank.

Working day
A day on which the banks in a currency's principal financial centre are open for business. For FX transactions, a working day only occurs if the bank in both (all relevant currency centers in the case of a cross are open).

World Bank
A bank made up of members of the IMF whose aim is to assist in the development of member states by making loans where private capital is not available.

Writer
The seller of a call or put option in connection with an opening position who receives a premium and who is required to perform if it is exercised.