{"id":14035,"date":"2024-07-22T16:47:35","date_gmt":"2024-07-22T11:17:35","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=14035"},"modified":"2024-07-22T19:23:52","modified_gmt":"2024-07-22T13:53:52","slug":"currency-pairs","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/","title":{"rendered":"Currency Pairs: Meaning, Types, Examples"},"content":{"rendered":"\n<p>Have you seen the three-letter currency code that is separated by a slash, like USD\/ INR? This is called a currency pair. The concept of currency pairs lets you understand how currencies interact with each other in FX markets. It is a price quote of two different currencies traded for investment and international trading. Read this blog further to know the meaning and types of currency pairs.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-what-is-a-currency-pair\" data-level=\"2\">What is a Currency Pair?<\/a><\/li><li><a href=\"#h-how-currency-pairs-are-traded\" data-level=\"2\">How Currency Pairs are Traded?<\/a><ul><li><a href=\"#h-currency-pairs-and-international-students\" data-level=\"3\">Currency Pairs and International Students<\/a><\/li><\/ul><\/li><li><a href=\"#h-types-of-currency-pair-in-forex\" data-level=\"2\">Types of Currency Pair in Forex<\/a><ul><li><a href=\"#h-major-currency-pairs\" data-level=\"3\">Major Currency Pairs<\/a><\/li><li><a href=\"#h-minor-currency-pairs\" data-level=\"3\">Minor Currency Pairs<\/a><\/li><li><a href=\"#h-exotic-currency-pairs\" data-level=\"3\">Exotic Currency Pairs<\/a><\/li><\/ul><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-currency-pair\"><span id=\"what-is-a-currency-pair\">What is a Currency Pair?<\/span><\/h2>\n\n\n\n<p>A currency pair is a price quotation of the relative value of one currency against one unit of another currency in a foreign exchange market. It is written with a three-letter alphabetic code for each currency separated by a slash. For example, USD\/ EUR. These codes are identified by an ISO currency code.<\/p>\n\n\n\n<p>The given pair, USD\/ EUR represent the US Dollars (USD) compared to the Euros (EUR). A currency pair has 2 components- base currency and quote currency.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The first currency of a pair is called the \u2018base currency\u2019 (USD).<\/li>\n\n\n\n<li>The second currency is called the \u2018quote currency\u2019 (EUR).<\/li>\n<\/ul>\n\n\n\n<p>A currency exchange rate tells you how much of the \u2018quote currency\u2019 you need to buy one unit of the \u2018base currency\u2019. If the exchange rate for USD\/EUR is 1.20, it means you would need 1.20 US Dollars to buy 1 Euro.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Fluctuating exchange rates can impact your budget. Learn all about&nbsp;<\/strong><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/currency-hedging\/\"><strong>currency hedging<\/strong><\/a><strong>&nbsp;and lock currency exchange rates for future transactions, irrespective of the prevailing rate.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-currency-pairs-are-traded\"><span id=\"how-currency-pairs-are-traded\">How Currency Pairs are Traded?<\/span><\/h2>\n\n\n\n<p>Currency pairs are traded in a foreign exchange market, also called a forex market. It is the biggest financial market in the world that lets you buy, sell, and exchange currencies for international trade and investments. You don&#8217;t trade currencies individually. Instead, you buy or sell a&nbsp;<em>currency pair<\/em>&nbsp;as a whole.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The pairs are traded 24 hours a day and 5 days a week, including most holidays.<\/li>\n\n\n\n<li>All currency trading involves the buying of one currency and the sale of another currency.<\/li>\n\n\n\n<li>Buying currency in pairs in a forex market means buying the \u2018base currency\u2019 and selling the \u2018quote currency\u2019.<\/li>\n\n\n\n<li>Similarly, selling a pair in a forex market means selling the \u2018base currency\u2019 and receiving the \u2018quote currency.\u2019<\/li>\n<\/ul>\n\n\n\n<p>It is similar to stock trading where you use cash to buy certain units of shares of a particular stock. However, in currency trading, you are trading currencies. If you believe the Euros will become more valuable compared to the US Dollar, you might trade the EUR\/USD pair. The intention is to sell it later for a profit when the EUR strengthens.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-currency-pairs-and-international-students\"><span id=\"currency-pairs-and-international-students\">Currency Pairs and International Students<\/span><\/h3>\n\n\n\n<p>Being international students, currency pairs can help you understand&nbsp;<a href=\"https:\/\/fly.finance\/blog\/money-transfer\/how-currency-exchange-rates-are-calculated\/\"><strong>currency exchange rate calculations<\/strong><\/a>. You can plan your expenses more efficiently and accurately as currency pairs help you compare the prices of your home currency with the value of foreign currency. This lets you make informed decisions about where and how to spend your money.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Understanding currency fluctuations can help you anticipate the amount of\u00a0<a href=\"https:\/\/fly.finance\/blog\/money-transfer\/faqs-on-international-wire-transfer\/\"><strong>international wire transfers<\/strong><\/a>.\u00a0<\/li>\n\n\n\n<li>You can find ways to identify how much currency you can receive from home or how much it costs to send money back.<\/li>\n\n\n\n<li>The pairs introduce you to the world of finance and forex. You can learn about concepts such as international trade and forex gains via investments.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Want to save money on forex transactions? Check out the blog on best&nbsp;<\/strong><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/forex-tips-for-international-students\/\"><strong>forex tips for international students<\/strong><\/a><strong>&nbsp;that allows you to plan your study abroad budget efficiently.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-types-of-currency-pair-in-forex\"><span id=\"types-of-currency-pair-in-forex\">Types of Currency Pair in Forex<\/span><\/h2>\n\n\n\n<p>The foreign exchange market trades a vast number of currency pairs. These are major and minor currency pairs. The most actively traded pairs are called major currency currencies, and currency pairs that are less traded are called minor currency pairs. Check the details-<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-major-currency-pairs\"><span id=\"major-currency-pairs\">Major Currency Pairs<\/span><\/h3>\n\n\n\n<p>Major currency pairs are the most actively traded currencies. They typically involve USD paired with major other currencies of the world like Euros, Japanese Yen, Great Britain Pound, Swiss Franc, etc.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>They are highly liquid currency pairs, meaning they offer ease of buying and selling.<\/li>\n\n\n\n<li>The EUR\/USD currency pair is the most liquid in the world. The second most popular currency pair is the USD\/ JPY.<\/li>\n\n\n\n<li>There are 7 major currency pairs in Forex-<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>EUR\/ USD (Euro\/ Dollar currency pair)<\/li>\n\n\n\n<li>USD\/ JPY (Dollar\/ Japanese Yen)<\/li>\n\n\n\n<li>GBP\/ USD (Great Britain Pound\/ US Dollar)<\/li>\n\n\n\n<li>USD\/ CHF (US Dollar\/ Swiss Franc)<\/li>\n\n\n\n<li>AUD\/ USD (Australian Dollar\/ US Dollar)<\/li>\n\n\n\n<li>USD\/ CAD (US Dollar\/ Canadian Dollar)<\/li>\n\n\n\n<li>NZD\/ USD (New Zealand Dollar\/ US Dollar)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-minor-currency-pairs\"><span id=\"minor-currency-pairs\">Minor Currency Pairs<\/span><\/h3>\n\n\n\n<p>Minor currency pairs are less traded compared to major currencies. They don\u2019t involve the US Dollars and are generally less liquid. Some examples of minor currency pairs include the EUR\/GBP, GBP\/JPY, and EUR\/CHF.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>While minor currency pairs might offer greater profit potential due to higher volatility, they also come with increased risk.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-exotic-currency-pairs\"><span id=\"exotic-currency-pairs\">Exotic Currency Pairs<\/span><\/h3>\n\n\n\n<p>Currency pairs of emerging markets are called exotic currency pairs. They are not very liquid pairs. For example- USD\/ SGD (US Dollar\/ Singapore Dollar currency pair).<\/p>\n\n\n\n<p>This was all about currency pairs. To know more about&nbsp;<a href=\"https:\/\/fly.finance\/loans\"><strong>education loans<\/strong><\/a>, the best&nbsp;<a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>bank accounts for students<\/strong><\/a>,&nbsp;<a href=\"https:\/\/fly.finance\/forex\"><strong>forex<\/strong><\/a>&nbsp;and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1721646200884\"><strong class=\"schema-faq-question\"><strong>What is a currency pair in simpler terms?<\/strong><\/strong> <p class=\"schema-faq-answer\">A currency pair is a three-letter alphabetic code for each currency separated by a slash. For example, USD\/ EUR. It is a price quotation of the relative value of one currency against one unit of another currency in a foreign exchange market.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721646241258\"><strong class=\"schema-faq-question\"><strong>How are currency pairs traded in the FX market?<\/strong><\/strong> <p class=\"schema-faq-answer\">Currency pairs are traded 24 hours a day and 5 days a week, including most holidays. All currency pair trading involves the buying of one currency and the sale of another currency.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721646267983\"><strong class=\"schema-faq-question\"><strong>Which is the most liquid currency pair in the world?<\/strong><\/strong> <p class=\"schema-faq-answer\">The EUR\/USD currency pair is the most liquid in the world. The second most popular currency pair is the USD\/ JPY.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721646269229\"><strong class=\"schema-faq-question\"><strong>What are the types of currency pairs?<\/strong><\/strong> <p class=\"schema-faq-answer\">The foreign exchange market trades a vast number of currency pairs. These are major and minor currency pairs.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721646299439\"><strong class=\"schema-faq-question\"><strong>What are the 7 major currency pairs in a forex market?<\/strong><\/strong> <p class=\"schema-faq-answer\">Major currency pairs are the most actively traded currencies. The 7 major pairs are EUR\/ USD, USD\/ JPY, GBP\/ USD, USD\/ CHF, AUD\/ USD, USD\/ CAD, and NZD\/ USD.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721646310982\"><strong class=\"schema-faq-question\"><strong>What are the minor currency pairs?<\/strong><\/strong> <p class=\"schema-faq-answer\">Minor currency pairs are less traded compared to major currencies. They don\u2019t involve the US Dollars. Some examples of minor currency pairs include the EUR\/GBP, GBP\/JPY, and EUR\/CHF.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1721646321638\"><strong class=\"schema-faq-question\"><strong>What are exotic currency pairs?<\/strong><\/strong> <p class=\"schema-faq-answer\">Currency pairs of emerging markets are called exotic currency pairs. They are not very liquid pairs. For example- USD\/ SGD (US Dollar\/ Singapore Dollar currency pair).<\/p> <\/div> <\/div>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background has-fixed-layout\"><tbody><tr><td colspan=\"2\"><strong>Related Blogs<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/currency-exchange-strategies-for-studying-in-expensive-destination\/\"><strong>Currency Exchange Strategies for Studying in Expensive Destination<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/banks-that-exchange-foreign-currency\/\"><strong>List of Banks that Exchange Foreign Currency<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/forex-scams\/\"><strong>Forex Scams<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/exchange-currency-legally-in-new-york\/\"><strong>Exchange Currency Legally in New York<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/exchange-currency-at-home-or-abroad\/\"><strong>Is it Better to Exchange Currency at Home or Abroad<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/full-form\/mctc-full-form\/\"><strong>MCTC Full Form: Multi-Currency Travel Card<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/best-foreign-exchange-companies-in-chicago\/\"><strong>Best Foreign Exchange Companies in Chicago<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/student-budget\/how-to-manage-money-in-us\/\"><strong>How to Manage Money in the US<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/airport-currency-exchange-rate\/\"><strong>Airport Currency Exchange Rates<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/faqs-on-currency-exchange-for-students\/\"><strong>FAQs on Currency Exchange for Students<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you seen the three-letter currency code that is separated by a slash, like USD\/ INR? This is called a currency pair. The concept of currency pairs lets you understand how currencies interact with each other in FX markets. It is a price quote of two different currencies traded for investment and international trading. Read &#8230; <a title=\"Currency Pairs: Meaning, Types, Examples\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/\" aria-label=\"Read more about Currency Pairs: Meaning, Types, Examples\">Read more<\/a><\/p>\n","protected":false},"author":29,"featured_media":14042,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"class_list":["post-14035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-transfer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Currency Pairs: Meaning, Types, Examples<\/title>\n<meta name=\"description\" content=\"Check out this detailed guide on currency pairs. 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I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.","sameAs":["https:\/\/www.facebook.com\/shubhika.garg\/","https:\/\/www.instagram.com\/shubhika.garg\/","https:\/\/www.linkedin.com\/in\/shubhikagarg71\/","https:\/\/www.tumblr.com\/blog\/shubhikahere"],"url":"https:\/\/fly.finance\/blog\/author\/shubhika\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646200884","position":1,"url":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646200884","name":"What is a currency pair in simpler terms?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"A currency pair is a three-letter alphabetic code for each currency separated by a slash. For example, USD\/ EUR. It is a price quotation of the relative value of one currency against one unit of another currency in a foreign exchange market.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646241258","position":2,"url":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646241258","name":"How are currency pairs traded in the FX market?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Currency pairs are traded 24 hours a day and 5 days a week, including most holidays. All currency pair trading involves the buying of one currency and the sale of another currency.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646267983","position":3,"url":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646267983","name":"Which is the most liquid currency pair in the world?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The EUR\/USD currency pair is the most liquid in the world. The second most popular currency pair is the USD\/ JPY.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646269229","position":4,"url":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646269229","name":"What are the types of currency pairs?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The foreign exchange market trades a vast number of currency pairs. These are major and minor currency pairs.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646299439","position":5,"url":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646299439","name":"What are the 7 major currency pairs in a forex market?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Major currency pairs are the most actively traded currencies. The 7 major pairs are EUR\/ USD, USD\/ JPY, GBP\/ USD, USD\/ CHF, AUD\/ USD, USD\/ CAD, and NZD\/ USD.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646310982","position":6,"url":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646310982","name":"What are the minor currency pairs?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Minor currency pairs are less traded compared to major currencies. They don\u2019t involve the US Dollars. Some examples of minor currency pairs include the EUR\/GBP, GBP\/JPY, and EUR\/CHF.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646321638","position":7,"url":"https:\/\/fly.finance\/blog\/money-transfer\/currency-pairs\/#faq-question-1721646321638","name":"What are exotic currency pairs?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Currency pairs of emerging markets are called exotic currency pairs. They are not very liquid pairs. For example- USD\/ SGD (US Dollar\/ Singapore Dollar currency pair).","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/14035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=14035"}],"version-history":[{"count":1,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/14035\/revisions"}],"predecessor-version":[{"id":14043,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/14035\/revisions\/14043"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/14042"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=14035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=14035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=14035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}