The Major Currency Pairs
Seven pairs account for most of the world's forex volume. Here is what makes each one tick.
The majors are the seven pairs that combine the US dollar with the other most-traded currencies. Together they make up roughly 70% of global forex turnover, and they offer the tightest spreads, deepest liquidity and most analysis. Every one has a dedicated live analysis page on this site.
| Pair | Nickname | Avg daily range | Typical spread | Main drivers |
|---|---|---|---|---|
| EUR/USD | Fiber | 60–90 pips | 0.1–0.8 pips | ECB vs. |
| GBP/USD | Cable | 80–120 pips | 0.5–1.5 pips | Bank of England rate decisions and forward guidance, UK CPI and wage growth, UK GDP and retail sales, gilt yields, political headlines from Westminster and, on the other side, the full US macro calendar. |
| USD/JPY | Gopher / Ninja | 70–110 pips | 0.2–1.0 pips | US Treasury yields (especially the 10-year), Bank of Japan policy and yield-curve control changes, Japanese Ministry of Finance intervention risk, US inflation and Fed pricing, and global risk appetite — the yen is the classic safe haven and funding currency for carry trades. |
| AUD/USD | Aussie | 50–80 pips | 0.4–1.2 pips | Reserve Bank of Australia policy, Australian CPI and employment data, Chinese economic data and stimulus (China is Australia's largest export market), iron ore and copper prices, and global risk sentiment. |
| USD/CHF | Swissie | 50–75 pips | 0.8–1.8 pips | Swiss National Bank policy and FX intervention, Swiss CPI, eurozone developments (the franc trades as a euro proxy with a safe-haven premium), US yields and global risk aversion. |
| USD/CAD | Loonie | 60–90 pips | 0.8–1.8 pips | Crude oil prices (Canada is a major oil exporter), Bank of Canada policy, Canadian CPI and employment, US-Canada trade headlines and tariffs, and US macro data. |
| NZD/USD | Kiwi | 45–70 pips | 1.0–2.5 pips | Reserve Bank of New Zealand policy (historically among the most aggressive G10 central banks), dairy prices (GDT auctions), Chinese demand, Australian data spillover and global risk appetite. |
The big three: EUR/USD, GBP/USD, USD/JPY
EUR/USD is the world's most traded pair — about a quarter of all volume. It is the benchmark for the dollar and the natural home for beginners because spreads are lowest and behaviour is comparatively orderly. GBP/USD ("Cable", after the transatlantic telegraph cable) is more volatile and more prone to sharp reversals, which attracts day traders. USD/JPY is the Asian-session major, tightly linked to US Treasury yields and to risk sentiment, and it is the pair most affected by central-bank intervention.
The commodity currencies: AUD, CAD, NZD
The Australian, Canadian and New Zealand dollars are called commodity currencies because their economies export raw materials — iron ore and coal (AUD), oil (CAD), dairy (NZD). They rise when global growth and commodity prices rise and fall in risk-off shocks, which makes AUD/USD, USD/CAD and NZD/USD useful barometers of risk appetite.
The safe haven: USD/CHF
The Swiss franc is a haven currency: it strengthens in crises. USD/CHF is almost a mirror image of EUR/USD, and the Swiss National Bank is known for intervening — sometimes dramatically.
Crosses worth knowing
Beyond the majors, the most traded crosses are EUR/GBP, EUR/JPY and GBP/JPY. Crosses strip out the dollar, so they are the cleanest way to trade a view on Europe or on the yen specifically.
Which pair should you trade?
- Beginners: EUR/USD only, until consistently profitable on demo.
- Day traders: EUR/USD, GBP/USD, USD/JPY during the London/New York sessions.
- Swing traders: any major on the 4H/daily; add gold (XAU/USD) for diversification.
- Asian-timezone traders: USD/JPY, AUD/USD, NZD/USD, whose home sessions are your daytime.
Frequently Asked Questions
What are the 7 major forex pairs?
EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD and NZD/USD.
Why is EUR/USD the most traded pair?
It links the two largest economies and currency areas, so it carries trade, investment and reserve flows — and every dollar view is expressed through it.
Is gold a forex pair?
XAU/USD is traded on forex platforms exactly like a pair — gold is the base, the dollar the quote — and behaves like a currency in many respects.