Currency pair profiles
What drives each major pair, when it is most active, its typical daily range, and the correlations that matter.
Each profile: what the pair is, what drives it, when it is most active, typical daily range, and the correlations that matter.
EUR/USD
The most traded pair in the world, with the tightest spreads. Driven by the Fed–ECB rate gap and by relative growth. Most active in the London and New York sessions. Typical daily range 50 to 90 pips. Correlates positively with GBP/USD and inversely with the dollar index.
GBP/USD
The pound is more volatile than the euro and more sensitive to UK-specific news: inflation, politics, the BoE vote split. Most active in London. Typical daily range 70 to 120 pips. Moves with EUR/USD but with more amplitude.
USD/JPY
Driven by the gap between US and Japanese yields, so it tracks the 10-year Treasury yield closely. The yen strengthens in risk-off episodes. Japanese intervention risk rises when the pair moves quickly above levels the Ministry of Finance has defended. Active in Tokyo and New York. Typical daily range 60 to 100 pips. Pip is the second decimal.
USD/CHF
The Swiss franc is a safe haven and the SNB is an active manager of its currency. Moves inversely to EUR/USD most of the time. Lower volatility, typical daily range 40 to 70 pips. Watch SNB statements and eurozone stress.
AUD/USD
A commodity and China proxy. Rises with iron ore, risk appetite and Chinese growth data; falls in risk-off. Most active in the Asian session and around RBA decisions and Chinese data. Typical daily range 50 to 80 pips. Correlates with NZD/USD and with equity markets.
USD/CAD
Tracks oil inversely: higher crude, stronger Canadian dollar, lower USD/CAD. Also driven by the Bank of Canada and by US data, since Canada’s economy is tied to the US. Most active in New York. Typical daily range 50 to 80 pips.
USD/TRY
The Turkish lira is a high-yield, high-volatility currency shaped by domestic monetary policy shifts and inflation. Spreads are wide, financing costs on short-lira positions are very high, and gaps are common. Not a beginner’s market. Watch the central bank’s rate decisions and inflation releases.
USD/RUB
Liquidity and access have been heavily restricted since 2022; many international brokers do not offer it, and pricing can differ sharply between onshore and offshore markets. Included for reference for regional readers; treat with caution and verify availability and regulation with your broker.