Forex Slang

X-Rate (Cross Rate)

A currency pair that doesn't include the US dollar, calculated from two USD pairs.

Definition

An X-rate (cross rate or simply "cross") is an exchange rate between two currencies that doesn't involve the US dollar. Examples include EUR/GBP, AUD/JPY, and GBP/CHF. Cross rates are derived from each currency's rate against USD.

How It Works

EUR/GBP derived from EUR/USD and GBP/USD
EUR/JPY = EUR/USD × USD/JPY
No direct USD involvement
Spreads often wider than major pairs

Trading Tips

Cross rates can be more volatile

Liquidity varies by cross

EUR crosses most liquid among crosses

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