Minor or Cross-Currency Pairs
Minor pairs are currency pairs that do not include the US Dollar. The most active minor pairs often feature the Euro on one side, such as EUR/GBP, EUR/JPY, and EUR/CHF » Learn about the Forex Majors
The Forex Minors
Minor currency pairs—often referred to as “forex crosses”—are defined by the absence of the US Dollar (USD) in the pairing. Unlike the major pairs (such as EUR/USD, USD/JPY, and GBP/USD), which dominate trading volumes due to the USD's status as the global reserve currency, minor pairs highlight important trading relationships between other leading world currencies.
Although they don’t include the USD, many minor pairs are actively traded and maintain strong liquidity. Their dynamic price movements and volatility make them attractive to a broad spectrum of market participants, from institutional investors to retail traders, who seek diversification beyond USD-based instruments.
Some of the most actively traded minor pairs include combinations involving the Euro (EUR), British Pound (GBP), Japanese Yen (JPY), and Swiss Franc (CHF), reflecting their importance in global financial markets.
1. EUR/GBP
Description: Euro (EUR) to British pound sterling (GBP)
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Market Share (BIS): 31.3% vs 12.8%
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Total reserves (including gold): 565 billion USD vs 130 billion USD
EURGBP INFORMATION
The cross rate of EUR to GBP is referred to as the ‘Chunnel’ due to the Channel Tunnel that connects the UK and Europe. Although EUR/GBP is not a Forex major, it is a highly liquid currency pair. Global brokers offer EUR/GBP with very tight spreads, making it a popular choice for day traders and scalpers.
■ (↑) Historical High: 0.9805 (2008)
■ (↓) Historical Low: 0.5678 (2000) – 0.3380 (1953)
EURGBP KEY FACTS
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Euro (28%) is the second most-held reserve currency in the world, while the British Pound Sterling (4%) is the third
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The Euro area and the UK are very close trade partners
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Germany is the UK's largest single-country trading partner
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British exports to the Eurozone account for 59.7 billion USD
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The Eurozone’s exports to the UK account for 56.5 billion USD
TRADING EURGBP
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EUR/GBP is the most liquid Forex Minor
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The most active hours to trade the EUR/GBP occur between 12.00 and 16.00 GMT
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EURGBP average daily volatility (50 weeks) is 1.10% or 93.79 pips
2. EUR/JPY
Description: Euro (EUR) to Japanese yen (JPY)
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Market Share (BIS): 31.3% vs 21.6%
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Total reserves (including gold): 565 billion USD vs 1,233 billion USD
EURJPY INFORMATION
EUR/JPY, also known as the ‘Euppy’ or ‘Yuppy’, is a very popular Forex minor due to the significant economic size of both the European and Japanese economies.
■ (↑) Historical High: 402.49 (1975)
■ (↓) Historical Low: 88.87 (2000)
EURJPY KEY FACTS
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Euro and Yen combined account for 32% of all global currency reserves
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The Japanese economy is the 3rd largest in the world (4.1 trillion USD GDP)
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Japan is holding the second-largest amount of foreign reserves worldwide (after China)
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The Japanese exports to Eurozone account for 7 billion USD
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The Eurozone’s exports to Japan account for 56.5 billion USD
TRADING EURJPY
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EURJPY is highly correlated to USDJPY
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EURJPY enjoys considerably large liquidity and very tight trading spreads
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EURJPY average daily volatility (50 weeks) is 1.09% or 134.54 pips
3. GBP/JPY
Description: British pound sterling (GBP) to Japanese yen (JPY)
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Market Share (BIS): 12.8% vs 21.6%
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Total reserves (including gold): 130 billion USD vs 1.233 billion USD
GBPJPY INFORMATION
GBP/JPY, also known as the ‘Geppy’ or ‘Gopher’, is a heavily traded and volatile Forex pair. Its daily movements can be intense, often exceeding 250 pips.
■ (↑) Historical High: 864.77 (1971)
■ (↓) Historical Low: 116.79 (2011)
GBPJPY KEY FACTS
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The United Kingdom has the fifth-largest economy in the world while the Japanese economy is the third-largest in the world
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London is the largest financial center in the world (37% of all daily foreign exchange transactions)
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Japan is holding the second-largest amount of foreign reserves worldwide (after China)
TRADING GBPJPY
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GBPJPY average daily volatility (50 weeks) is 1.57% or 227.02 pips
4. EUR/CHF
Description: Euro (EUR) to Swiss franc (CHF)
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Market Share (BIS): 31.3% vs 4.8%
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Total reserves (including gold): 565 billion USD vs 602 billion USD
EURCHF INFORMATION
The Euro to Swiss Franc pair, also known as the ‘Euro-Swissy’, is a liquid Forex cross. The two currencies are highly correlated with each other, which explains the typically tight daily volatility of EUR/CHF.
■ (↑) Historical High: 4.5194 (1953)
■ (↓) Historical Low: 0.8696 (2015)
EURCHF KEY FACTS
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The Swiss Franc is the official currency of Switzerland, Lichtenstein, and Campione d'Italia
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Switzerland is a global financial center. Zurich is the center for retail banking and insurance while Geneva is the center for private banking and wealth management
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Switzerland is the 4th largest trading partner of the Eurozone
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Swiss exports to the EU include mainly chemicals and medicinal products, machinery, and watches
TRADING EURCHF
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The Euro and the Swiss Franc are the 2nd and 6th most heavily traded currencies worldwide
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According to the OECD, the CHF is the most over-valued Forex currency (24.3%) among all the majors
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EUR/CHF is highly correlated to USD/CHF
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EURCHF average daily volatility (50 weeks) is 0.65% or 69.06 pips
5. GBP/CHF
Description: British pound sterling (GBP) to Swiss franc (CHF)
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Market Share (BIS): 12.8% vs 4.8%
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Total reserves (including gold): 130 billion USD vs 602 billion USD
GBPCHF INFORMATION
GBP/CHF is heavily influenced by the monetary policies of the two central banks involved—the Bank of England and the Swiss National Bank. Although both currencies are highly correlated with the Euro, GBP/CHF remains a very volatile Forex cross.
■ (↑) Historical High: 10.4057 (1971)
■ (↓) Historical Low: 1.1320 (2015)
GBPCHF KEY FACTS
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London is the largest financial center in the world (37% of all daily foreign exchange transactions)
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The Swiss Franc is the official currency of Switzerland, Lichtenstein, and Campione d'Italia
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Switzerland is the 3rd largest UKs partner (32.2 billion USD), and the UK shows a trade surplus of $22.5 billion
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After China, Switzerland is the highest growth market for UK exports
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Switzerland is the fastest-growing importer of services from the United Kingdom
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Switzerland is the UK’s 8th largest foreign direct investor (£39 billion stock value).
TRADING GBPCHF
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The mid-term trend of GBPCHF is strongly influenced by the policies of the two central banks involved
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Switzerland's franc is considered a ‘safe heaven’ during times of financial turmoil
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GBPCHF's average daily volatility (50 weeks) is 1.27% or 159.87 pips
⚖️TRADING THE FOREX MINORS -COMPARE FX BROKERS
Table: Compare ECN brokers offering competitive conditions for trading the Forex minors (regulation, spreads, free VPS, etc.)
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FOREX BROKER |
TRADING TERMS |
ACCOUNTS |
INFO |
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LICENSE:
CLIENT ACCOUNT SEGREGATION: YES US TRADERS: NO SWAP-FREE ACCOUNTS: YES FOUNDATION: 2009 DOMICILED: Belize |
SPREADS EURGBP: 0.4 pip EURJPY: 0.2 pip EURCHF: 0.4 pip GBPJPY: 0.5 pip COMMISSIONS: $4.0 / full traded lot SCALPING: YES AUTOMATED TRADING: YES FREE VPS: YES |
EXECUTION: ECN/STP/CFD PLATFORMS:
MIN. DEPOSIT: $10 for the MT4/MT5 account. FUNDING METHODS:
FUNDS SAFETY: All RoboForex clients are protected by up to EUR 20,000 |
KEY POINTS
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|
IC MARKETS
US TRADERS: NO ISLAMIC ACCOUNTS: YES EXECUTION: ECN / STP
|
SPREADS EURGBP: 0.5 pip EURJPY: 0.6 pip EURCHF: 0.6 pip GBPJPY: 1.2 pip COMMISSIONS: $7.0 / lot SCALPING: YES AUTOMATED TRADING: YES SLIPPAGE: 2.0 pip LEVERAGE: 1:500 FREE VPS: YES (100 round turn lots per calendar month are required) |
PLATFORMS: MetaTrader-4, MetaTrader-5, MT4 for iPhone and Android, cTrader, Mobile cTrader cAlgo MIN. DEPOSIT: $200 for the MT4 account and $1,000 for the cTrader account FUND METHODS:
BONUS: NO BONUS REBATES: $1.2 / lot via Forex-Rebates.com |
KEY POINTS
► Register a Demo Account with IC MARKETS ► Register a Real ECN Account with IC MARKETS
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Why Minor Currency Pairs Are So Active
Minor currency pairs remain highly active because they represent key global economic regions—such as Europe, the United Kingdom, Japan, and Switzerland. Their liquidity is driven by the strength, stability, and international significance of the individual currencies involved, even in the absence of the US Dollar.
Traders often turn to these pairs for portfolio diversification, to hedge against region-specific risks, or to capitalize on unique economic developments and interest rate differentials that affect these particular economies. As a result, minor pairs play a vital and dynamic role within the broader Forex market landscape.
■ Forex Minors
G.P.
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