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peg  (pegs plural & 3rd person present) (pegging present participle) (pegged past tense & past participle )
1  n-count A peg is a small hook or knob that is attached to a wall or door and is used for hanging things on. 
His work jacket hung on the peg in the kitchen.  
2  n-count A peg is a small device which you use to fasten clothes to a washing line. 
 (mainly BRIT) 
in AM, usually use  clothespin  
3  n-count A peg is a small piece of wood or metal that is used for fastening something to something else. 
He builds furniture using wooden pegs instead of nails.  
4  verb If you peg something somewhere or peg it  down, you fix it there with pegs. 
...trying to peg a double sheet on a washing line on a blustery day...  V n prep/adv 
Peg down netting over the top to keep out leaves.  V n with adv 
...a tent pegged to the ground nearby for the kids.  V-ed prep 
5  verb If a price or amount of something is pegged at a particular level, it is fixed at that level. 
Its currency is pegged to the dollar...  be V-ed to n 
UK trading profits were pegged at £40 million...  be V-ed at n 
The Bank wants to peg rates at 9%.  V n at amount 
...a pegged European currency.  V-ed 
  level-pegging 
6 Off-the-peg clothes are made in large numbers and sent to shops, not made specially for a particular person. 
 (BRIT) 
off the peg  phrase PHR n, PHR after v  (Antonym: made-to-measure)  ...an off-the-peg two-piece suit...  
in AM, use  off-the-rack