A pair that doesn't include the US dollar — used to trade one non-USD currency directly against another.
A cross pair is any forex pair where the USD is not on either side. EUR/GBP, AUD/NZD, CHF/JPY, GBP/CAD — all crosses. The name comes from the fact that, historically, banks would have to convert through USD to make these trades. Today brokers quote them directly, but the name stuck.
Crosses are how you isolate a view on two specific currencies. If you think the European Central Bank is going to be more hawkish than the Bank of England, the cleanest expression is long EUR/GBP — you avoid any USD noise. Trading EUR/USD instead would mix your ECB view with whatever the Fed is doing.
Crosses tend to move with the relative strength of each side. AUD/NZD, for example, moves on commodity prices vs dairy prices and the relative stance of the RBA vs RBNZ. Knowing the macro driver of a cross is half the edge in trading it.
EUR/GBP in late 2024 traded the ECB-vs-BoE divergence cleanly: as the BoE turned more dovish than the ECB, the cross rallied from 0.83 to 0.86 over six weeks, with no USD noise to muddy the trade.
Frequently asked about cross pair
What is a cross pair in trading?+
A pair that doesn't include the US dollar — used to trade one non-USD currency directly against another.
When will I see cross pair used in real trading?+
When you have a view on two specific non-USD economies and want to avoid USD noise. Common in macro analyst reports and bank desk strategies.
What is the most common mistake traders make with cross pair?+
Confusing "cross" with "minor." All minors are crosses, but some crosses are exotics (like EUR/TRY). The label depends on which currencies are involved, not on whether USD is missing.
What do experienced traders know about cross pair that beginners don't?+
Crosses often have wider spreads than majors but offer purer macro plays. If you're trading central bank divergence, use the cross — not the dollar pair.
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