Which forex terms still confuse you?

This thread is the confession booth for vocabulary. Liquidity, funding rate, gamma, intervention, hawkish, dovish, slippage, requote — the list never ends, and everyone has gaps.

Post a term you're not sure about. Members will explain it plainly, one term per reply, with a concrete example rather than a dictionary definition.

There are no silly questions here; the glossary-style guides exist because experienced traders forget how much jargon they've absorbed.