A “currency cross pair”, also known as “cross-currency pair” or simply as a “cross”, is a pair of currencies that doesn’t involve the U.S. dollar.
Back in the ancient days, if someone wanted to change currencies, they would first have to convert their currencies into U.S. dollars, and only then could they convert their dollars into the currency they desired.
The currency pairs that do not involve the US dollar are called cross currency pairs, such as GBP/JPY. Pairs that involve the euro are often called euro crosses, such as EUR/GBP.
For example, if a person wanted to change their U.K. sterling into Japanese yen, they would first have to convert their sterling into U.S. dollars, and then convert these dollars into yen.
With the invention of currency crosses, individuals can now bypass the process of converting their currencies into US dollars and simply convert it directly into their desired currency. Some examples of crosses include: GBP/JPY, EUR/JPY, EUR/CHF, and EUR/GBP.
As you have seen, many trade opportunities exist in the foreign market and you now understand how to locate them! Remember these few useful details and you will be doing yourself a big favor:
- Crosses create more opportunities for traders by giving them more currencies to trade.
- Typically trends and ranges are cleaner on currency crosses than they are on the major currency pairs.
- Trading crosses allows you to take advantage of differences in interest rates.
- Make sure to analyze any currency pair you plan to use, and match the strong against the week.
- Don’t worry if the pair of currencies you want to trade isn’t available at your broker, you can create a synthetic currency pair by taking to major pairs out at the same time to create the cross.
- Three of the most popular crosses involving the euro are EUR/CHF, EUR/GBP, and EUR/JPY.
- NZD/JPY, GBP/JPY, and AUD/JPY are the three most attractive currency pairs against the JPY. Each one creates the highest interest rate differential which means better profits.
- If you decide to trade more obscure currency crosses, look out for the unpredictable swings that you will often see.
- If you decide to stick to just the majors, crosses can still help you decide what pair to trade. Crosses help signal which currency is stronger.
- It is important to remember that any movement in cross pairs can affect the majors as well.
- Please also remember to pay attention to the pip value of any crosses you are trading. The value of crosses will range compared to the majors. The pip value will help you figure out any risk analysis.
- So, on those days that the majors just aren’t working for you, or you need to stay away from the USD because of a major event, give those crosses a shot. You may like what you find. The best of luck!
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