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Foreign exchange currency pairs explained

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Buying and selling foreign currency is the basis of the foreign exchange market.

Buying and selling foreign currency is the basis of the foreign exchange market. In basic terms, forex means buying or selling a currency in exchange for another currency. The two currencies together are called a “currency pair”.

What are the most popular currency pairs?

People who trade in currencies refer to the most commonly traded pairs as Majors. These account for around 85% of the foreign exchange market, exhibiting high market liquidity.

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euro flag money transfers EUR exchange rates
EUR > GBP EUR > INR

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united kingdom money transfers GBP exchange rates
GBP > AUD GBP > BRL GBP > CAD
GBP > INR GBP > NZD

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Australian flag money transfers AUD exchange rates
AUD > BRL AUD > EUR AUD > GBP
AUD > INR AUD > MYR

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canada flag money transfers CAD exchange rates
CAD > EUR CAD > GBP
CAD > INR CAD > USD

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india flag money transfers INR exchange rates
INR > GBP
Refreshing in: 60s | Sun, 16 Jun 08:42am GMT
USD AUD CAD EUR CNY GBP INR MXN PHP
1 USD = 1.0000 1.4554 Inverse: 0.6871 1.3430 Inverse: 0.7446 0.89051 Inverse: 1.1230 6.9254 Inverse: 0.1444 0.794345 Inverse: 1.2589 69.879 Inverse: 0.0143 19.1594 Inverse: 0.0522 52.07 Inverse: 0.0192
1 AUD = 0.6871 Inverse: 1.4554 1.0000 0.9228 Inverse: 1.0837 0.6119 Inverse: 1.6343 4.7584 Inverse: 0.2102 0.5458 Inverse: 1.8322 48.0139 Inverse: 0.0208 13.1644 Inverse: 0.0760 35.7773 Inverse: 0.0280
1 EUR = 1.1230 Inverse: 0.8905 1.6343 Inverse: 0.6119 1.5081 Inverse: 0.6631 1.0000 7.7769 Inverse: 0.1286 0.892011 Inverse: 1.1211 78.470764 Inverse: 0.0127 21.5151 Inverse: 0.0465 58.4721 Inverse: 0.0171
1 GBP = 1.2589 Inverse: 0.7943 1.8322 Inverse: 0.5458 1.6907 Inverse: 0.5915 1.1211 Inverse: 0.8920 8.7184 Inverse: 0.1147 1.0000 87.970592 Inverse: 0.0114 24.1197 Inverse: 0.0415 65.5509 Inverse: 0.0153

What is a currency pair?

A currency pair refers to the quotation of the value of one currency in comparison to another. It is common to refer to the currency used as quote currency or counter currency. The currency quoted in relation, represented first in the currency pair, is the base currency or the transaction currency. A currency pair essentially shows how much of the quote currency you need to purchase one unit of the base currency.

Accepted global priorities attributed to different currencies have a bearing on the rules that formulate standard currency pair notations. Since its inception in 1999, the European Central Bank stipulates that the Euro take precedence over others as a base currency. As a result, all currency pairs that include the Euro have to list it first. This is why the EUR/USD currency pair notation denotes the exchange rate between the US dollar and the Euro.

The use of nicknames to refer to popular currency pairs is common. Traders refer to the GBP/USD pairing as cable and to the EUR/USD pairing as Fiber. The EUR/CHF pair takes the nickname ‘Euro-Swissy’ and referring to the USD/CAD pair as ‘the funds’ is also common.

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How does a currency pair work?

The exchange rate of a currency pair is subject to change at any given time owing to various factors, which include:

  • Cause and effect. Even if you trade only in major currencies, know that cross currency pairs can have an effect on your trading. Imagine that the Federal Government announces a rise in interest rates. In such a scenario, the market would typically start buying the US dollar against major currencies. While pairs such as EUR/USD and GBP/USD would fall in value, the value of pairs such as USD/CHF and USD/JPY would yield better dividends.
  • Appreciation and depreciation. The appreciation or depreciation in the value of any currency has a direct effect on its pairing with other currencies. For example, if you feel the US dollar may depreciate more than the Euro in a given time period, you would stand to benefit by exchanging US dollars for Euros ahead of time. An appreciating currency can lead to cash flow into its country’s assets.
  • Demand and supply. In the international finance market, if there is a surge in the sale of any particular currency it becomes more easily available. However, if there’s not enough demand for the currency its price will fall in order to strike a new supply and demand balance.
  • Imports and exports. A currency’s value can have a direct impact on a country’s economy when it comes to international trade involving imports and exports. A general rule of thumb is that a weak currency is good for exports, but makes imports more expensive. Over time, this can decrease a country’s trade deficit.

What are major, minor and exotic currency pairs?

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How do I know when is the right time to exchange my currency pair?

Trading in foreign currency requires that you pay attention to multiple factors. When it comes to exchanging currency pairs, here’s what you need to know:

  • Economic factors. A host of economic factors can have an effect of currency pairs in the foreign exchange market. These include a rise or fall in a nation’s GDP, a variation in its cash rate, inflation, property bubbles, and so on.
  • Supply and demand of exports and imports. If there’s an increased demand for exports you can expect the currency to underperform in the near future. On the other hand, an increase in imports is a favorable sign for local currencies.
  • Economic crises. Economic crisis relating to any country or a larger geographical region can have an adverse effect on currency pairs. An example in case is the global financial crisis of 2007 and 2008 that affected various currencies the world over, the US dollar included.
  • Appreciation and depreciation. If you feel the currency you’re holding onto will appreciate in time, it makes sense to hold on to it. The converse holds true as well.

If you’re new to the world of trading in foreign currencies, it’s in your best interest to learn the ropes first. Know that currency pairs are subject to fluctuations, predicting which can be rather difficult. It is also important that you don’t rely overly on online foreign exchange trading software to do the work for you.

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