Forex glossary
Minor Pairs (Cross Pairs)
Minor pairs conventionally combine leading currencies without USD, such as EUR/GBP or GBP/JPY. They are crosses, but the cross category can include a broader set of non-dollar pairs. Classification does not guarantee a spread, liquidity level or volatility.
Illustrative example
How does it work in practice?
At a hypothetical EUR/GBP rate of 0.85 GBP per EUR, a 2,000 EUR transaction is valued at 1,700 GBP. USD is absent from the pair, although a USD account still requires result conversion.
A case to work through
Two crosses
Model: compare EUR/JPY and EUR/PLN under a convention defining minors as leading-currency pairs without USD.
- Neither symbol contains USD.
- EUR/JPY meets this minor convention; USD’s absence alone is insufficient for EUR/PLN.
What follows? State the convention used by the table or provider.
Example boundary: Classification does not determine costs or available liquidity.
A useful distinction
Minor Pairs (Cross Pairs) / Exotic Pairs
Exotic pairs use another conventional grouping; USD’s absence alone does not settle classification.
Check your understanding
Distinguish USD’s absence from minor-pair classification.
Show the answer and explanation
USD’s absence is insufficient to establish minor status
The currency convention also matters.
Products, delivery and financing calendars
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Related terms
Sources and documentation
- IG: currency-pair groups
Provider grouping conventions; labels do not determine a fictional order’s cost.
The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.