Pair profiles
What sits behind each pair: the economies and central banks, what tends to move it, when it is busiest, and what a pip is worth.
Majors
Euro / US dollar
The most traded currency pair in the world: the euro priced in US dollars. Deep liquidity and usually the tightest spreads, driven above all by the Fed, the ECB and the gap between them.
US dollar / Japanese yen
The second most traded pair: the dollar priced in yen. Highly sensitive to the gap between US and Japanese interest rates, to risk sentiment and to the threat of official intervention.
British pound / US dollar
Sterling priced in US dollars, known as Cable. One of the most traded pairs, usually livelier than EUR/USD, and highly sensitive to UK inflation, Bank of England policy and UK politics.
US dollar / Swiss franc
The US dollar priced in Swiss francs. A smaller major with a long safe-haven reputation, an interventionist central bank and a habit of moving opposite to EUR/USD.
Australian dollar / US dollar
The Australian dollar priced in US dollars. A major pair often tied to commodity prices, China and global risk appetite, and capped at 20:1 for EU retail clients rather than 30:1.
US dollar / Canadian dollar
The US dollar priced in Canadian dollars. A major pair shaped by the closest trading relationship in the world, Bank of Canada policy and, at times, the price of oil.
New Zealand dollar / US dollar
The New Zealand dollar priced in US dollars. The smallest of the usual seven majors, tied to dairy prices, global risk appetite and the RBNZ, and capped at 20:1 for EU retail clients.
Crosses
Euro / British pound
The euro against sterling: two closely linked European economies, a pair that is busiest in the London morning and often quieter than the dollar majors, until UK or euro area news shakes it.
Euro / Japanese yen
The euro against the yen: a heavily traded cross shaped by the gap between ECB and Bank of Japan policy and by swings in global risk appetite.
British pound / Japanese yen
Sterling against the yen, nicknamed the Guppy: one of the most volatile liquid crosses, combining the UK’s political sensitivity with the yen’s swings in risk sentiment.
Euro / Swiss franc
The euro against the Swiss franc: usually one of the calmer crosses, shaped by the franc’s safe-haven role and an active Swiss National Bank, and home to one of the most famous shocks in currency history.
Australian dollar / Japanese yen
The Australian dollar against the yen: a classic carry pair and one of the most watched barometers of global risk appetite, busiest in the Asian session.
Metals
Gold / US dollar
Gold priced in US dollars: a metal that trades like a currency, driven by real interest rates, the dollar, central bank buying and fear. Check your broker’s contract size and pip convention before you trade it.