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Leading Indicators - Statistics that are considered to predict future economic activity.Leverage - Also called margin. The ratio of the amount used in a transaction to the required security deposit.LIBOR - The London Inter-Bank Offered Rate. Banks use LIBOR when borrowing from another bank. Limit order - An order with restrictions on the maximum price to be paid or the minimum price to be received. As an example, if the current price of USD/YEN is 117.00/05, then a limit order to buy USD would be at a price below 102. (ie 116.50)Liquidation - The closing of an existing position through the execution of an offsetting transaction.Liquidity - The ability of a market to accept large transaction with minimal to no impact on price stability.Long position - A position that appreciates in value if market prices increase. When the base currency in the pair is bought, the position is said to be long.Lot - A unit to measure the amount of the deal. The value of the deal always corresponds to an integer number of lots.