01 / TRADING

Currencies

The relative value of two economies

A currency pair expresses one currency’s value in another. Its movement reflects the relative outlook for two economies, including interest rates, inflation, growth and monetary policy.

Major and cross currency pairs

Trading conditions

Major pairs: EUR/USD, GBP/USD, USD/JPY
Cross pairs: EUR/GBP, EUR/JPY, GBP/JPY
Commission: No separate trade fee
Price drivers: Central bank decisions and interest rates

Spread and, when applicable, overnight financing are additional. The order form shows the estimated trade commission.

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Euro and pound

EUR/USD and GBP/USD connect European currencies with the US dollar. Compare economic releases and policy decisions on both sides of the pair.

Yen and other major currencies

Pairs such as USD/JPY connect major monetary systems. Differences in interest rates and demand for each currency influence their relationship.

Cross rates

EUR/GBP, EUR/JPY and GBP/JPY do not include the US dollar. A cross expresses the relationship between its own two currencies.

What to consider

Reading the pair: The first currency is the base and the second is the quote. A rise in EUR/USD means one euro buys more US dollars.
Economic calendar: Central bank decisions and inflation or employment releases can move prices quickly. Check the announcement time and the currency it concerns.
Session and spread: Activity varies across Asian, European and American sessions. Spread can widen when liquidity falls or important news is released.
Margin and financing: With leverage, exposure is larger than the margin used. Review required margin and any overnight financing before holding a position.

Market risks

Currency prices can change abruptly after policy decisions or economic news. Leverage amplifies both gains and losses, while a widened spread or a price gap can affect the result even when the underlying move seems small.

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From an instrument to an order

Find an instrument
Open the market category, search by ticker or name, and add instruments to favourites to return to them quickly.
Check the market
Review the chart, timeframe, buy and sell quotes, and observation time. Check the trading session and distinguish a current quote from an older observation.
Prepare the order
Set the quantity and order type. Review the estimated costs, available margin and any stop-loss or take-profit settings before confirming.

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