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Learn what minor forex pairs are, explore common examples, compare them with major and exotic pairs, and understand trading costs, key drivers and risks.
Minor forex pairs compare two major currencies without including the US dollar. EUR/GBP, for example, expresses the euro’s strength relative to the British pound. These pairs offer a direct way to trade a view on how two economies compare.
Understanding both currencies is essential. This guide explains which pairs qualify, how their prices work and what to check before trading.
What Are Minor Forex Pairs?
Common minor pairs draw from seven currencies: the euro, British pound, Japanese yen, Swiss franc, Australian dollar, Canadian dollar and New Zealand dollar.
Minor forex pairs are often called cross currency pairs, although “cross” is broader. EUR/RON excludes USD but is commonly classified as exotic because it includes the Romanian leu. Broker classifications can differ.
Category
Typical composition
Examples
Major
US dollar and another leading currency
EUR/USD, USD/JPY
Minor
Two major currencies, excluding USD
EUR/GBP, AUD/NZD
Exotic
A leading currency and a less widely traded currency
USD/TRY, EUR/RON
Major pairs generally attract more trading activity and often have tighter spreads. Minor pairs can cost more to trade, while exotics commonly have wider spreads still. Actual conditions depend on the pair, broker and trading session.
Minor Forex Pairs List
The following examples show what traders might compare when assessing each pair.
Currency pair
Currencies
What to follow
EUR/GBP
Euro / British pound
Eurozone and UK policy and inflation
EUR/JPY
Euro / Japanese yen
Eurozone and Japanese policy; market sentiment
GBP/JPY
British pound / Japanese yen
UK and Japanese policy; market sentiment
EUR/CHF
Euro / Swiss franc
Eurozone and Swiss policy; demand for francs
AUD/JPY
Australian dollar / Japanese yen
Australian and Japanese policy; commodities
AUD/NZD
Australian dollar / New Zealand dollar
Australian and New Zealand policy and growth
CAD/JPY
Canadian dollar / Japanese yen
Canadian and Japanese policy; oil prices
The first currency is the base currency and the second is the quote currency. For example, EUR/GBP at 0.8500 means €1 is worth £0.85. A rising price means the euro is strengthening relative to the pound.
“Minor” does not mean inactive. Final BIS figures show EUR/GBP averaged approximately US$169 billion in daily turnover in April 2025. This measures the global over-the-counter FX market across instruments, including derivatives, rather than retail trading alone. It does not guarantee liquidity at a particular broker.
How Trading a Minor Pair Works
Suppose a trader expects the euro to strengthen against the pound and buys 0.10 standard lots of EUR/GBP. Where one standard lot represents 100,000 units, this position is €10,000.
Using hypothetical entry and exit execution prices:
Buying at 0.8500 and selling at 0.8550 produces a £50 profit.
Buying at 0.8500 and selling at 0.8450 produces a £50 loss.
The first calculation is 10,000 × (0.8550 − 0.8500) = £50. Profit or loss is initially calculated in GBP, the quote currency. An account in another currency requires conversion. Separate commissions and overnight financing, where applicable, affect the final result.
Pips and Trading Costs
For most minor pairs, one pip is 0.0001. When JPY is the quote currency, one pip is usually 0.01. A hypothetical GBP/JPY move from 190.00 to 190.50 is therefore 50 pips.
In the EUR/GBP example, each pip is worth £1. A hypothetical three-pip spread represents £3 at that position size. The spread is already reflected when calculating results from actual buy and sell execution prices, so it should not be deducted twice.
What Drives Their Prices?
The starting point is the outlook for each currency. Interest rate expectations matter because changes in relative returns can affect demand. Inflation, employment and growth figures help shape those expectations.
Commodity prices also influence some currencies. Australia’s export income, for example, is sensitive to commodity markets. Changes in global risk appetite can affect currencies differently, so a cross can still react to US developments even though USD is absent from the pair.
A Recent EUR/GBP Example
In September 2026, the European Central Bank raised its deposit rate to 2.50%, effective 16 September. The Bank of England announced on 17 September that Bank Rate would remain at 3.75%. These decisions illustrate why EUR/GBP traders follow both central banks.
However, comparing headline rates is insufficient. Markets respond to how news changes expectations. A widely anticipated decision may already be reflected in prices, while a surprise can prompt a larger adjustment.
What to Check Before Trading
Before trading minor forex pairs, assess whether their trading conditions suit your approach.
Total costs: Compare live spreads, commissions and overnight financing.
Recent volatility: Review the pair’s actual price movements. The minor label alone does not establish how volatile it is.
Relevant hours: European hours matter for EUR/GBP. Yen and Australasian crosses also respond to announcements during Asian hours. Check the economic calendar and live spreads.
Shared exposure: Buying EUR/JPY and GBP/JPY creates two positions vulnerable to a strengthening yen. Holding different pairs does not automatically diversify risk.
Position size and exits: Leverage magnifies gains and losses relative to your margin. Ordinary stop-loss orders can execute at a worse price during sharp moves.
Practising on a demo account can help you learn these mechanics. Record each trade’s reasoning, costs and outcome. For unfamiliar concepts, you can browse the Ultima Markets academy page to learn more.
Conclusion
Minor forex pairs provide more ways to compare currencies and express a market view. Analyse both economies, check trading costs and consider how positions overlap. Understanding the pair’s mechanics and controlling position size are essential parts of the process.
FAQ
How Many Minor Forex Pairs Are There?
Combining the seven major non-USD currencies produces 21 unique pairs. Broker classifications and availability vary.
Is EUR/GBP a Minor Pair?
Yes. It pairs the euro with the British pound and excludes the US dollar.
Are Minor Pairs More Volatile Than Majors?
Some are, but volatility depends on the pair, market conditions and the period measured.
Can Beginners Trade Minor Pairs?
Beginners can study them on a demo account. Learn trading costs, position sizing and risk before committing funds.
Which Minor Pair Is Best to Trade?
There is no universal best pair. Compare costs, volatility, relevant news and whether its active hours suit your schedule.
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Disclaimer:This content is provided for informational purposes only and does not constitute, and should not be construed as, financial, investment, or other professional advice. No statement or opinion contained herein should be considered a recommendation by Ultima Markets or the author regarding any specific investment product, strategy, or transaction. Readers are advised not to rely solely on this material when making investment decisions and should seek independent advice where appropriate.
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