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Minor pairs (crosses)

Currency pairs between major currencies that do not include the US dollar, such as EUR/GBP, EUR/JPY, and GBP/JPY.

Crosses are priced through the dollar behind the scenes, which gives them slightly wider spreads than the major-pairs. Some, such as GBP/JPY, are known for large daily ranges.

Trading a cross lets you express a view on two economies without the dollar in the middle.

Example: if you think the euro will outperform the pound, EUR/GBP isolates that view; EUR/USD and GBP/USD would both also carry dollar risk.

Related: major-pairs, exotic-pairs, base-currency, volatility

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