What are the Most Traded Minor Currency Pairs? Analysis

The forex market is the largest and most liquid financial market in the world, with trillions of dollars exchanged every day. While major currency pairs such as EUR/USD and GBP/USD dominate global trading volume, a significant portion of forex trading activity takes place in minor currency pairs. These pairs offer traders exposure to major economies without involving the US dollar.

However, not all minor currency pairs attract the same level of trading interest. A select group stands out due to their economic relevance, volatility, and widespread availability across trading platforms. So, what are the most traded minor currency pairs in the world? In this article, we will examine the most actively traded minor forex pairs and explain why they attract global attention.

Understanding Minor Currency Pairs

In forex trading, currency pairs are commonly grouped into major pairs, minor pairs, and exotic pairs. Minor currency pairs, sometimes referred to as cross currency pairs, are those that involve the currencies of some major global economies but do not include the US dollar. These include currencies such as the euro (EUR), British pound (GBP), Japanese yen (JPY), Swiss franc (CHF), Australian dollar (AUD), and Canadian dollar (CAD).

Compared to major pairs, minor pairs generally have slightly lower liquidity and wider spreads. However, they still benefit from strong institutional participation and are actively traded across global forex sessions. Many traders prefer minor pairs because they allow for more targeted exposure to regional economies and central bank policies without direct US dollar influence.

Minor currency pairs are traded through spot forex markets, CFDs, and futures contracts. They are particularly popular among traders who specialise in macroeconomic analysis, interest rate differentials, and regional risk sentiment.

The Most Traded Minor Currency Pairs in the World

EURGBP

The EURGBP is one of the most actively traded minor currency pairs globally. It represents the exchange rate between the eurozone and the United Kingdom. These are two of the largest and most closely linked economies in the world. Due to strong trade ties and financial integration, the pair experiences consistent trading activity throughout the London trading session.

The EURGBP is heavily influenced by economic data releases from both regions, including inflation reports, GDP figures, and labour market data. In addition, monetary policy decisions from the European Central Bank (ECB) and the Bank of England (BoE) frequently trigger sharp price movements. This pair is often favoured by traders seeking relatively stable volatility compared to more speculative crosses.

According to the BIS triennial survey, the daily average turnover for EUR/GBP in April 2025 was $169 billion. Its consistency, strong fundamentals, and predictable reaction to economic data firmly position EURGBP as the leading minor currency pair in terms of global trading activity.

EURJPY

The EURJPY is one of the most traded and closely watched minor currency pairs in the forex market. It reflects the exchange rate between the eurozone and Japan, two of the world’s largest and most influential economies. Unlike EURGBP, which is largely driven by regional fundamentals, EURJPY is highly sensitive to global risk sentiment.

Notably, the EURJPY pair often acts as a barometer for risk appetite. During periods of global economic optimism, EURJPY tends to rise as traders move into higher-yielding assets. Conversely, during market uncertainty or financial stress, the Japanese yen’s traditional safe-haven status can lead to sharp declines.

EURJPY is influenced by a wide range of economic factors. These include eurozone inflation and growth data, European Central Bank policy guidance, and decisions by the Bank of Japan regarding interest rates and yield curve control. According to the BIS triennial survey, the EURJPY pair recorded an average daily trading turnover of approximately $99 billion in April 2025.

GBPJPY

The GBPJPY is another one of the most actively traded minor currency pairs in the forex market. It represents the exchange rate between the British pound and the Japanese yen. As such, the pair combines a high-yielding, growth-sensitive currency with one of the world’s primary safe-haven currencies. This contrast makes GBPJPY more volatile than other minors and attractive to traders seeking strong price movements and trend-driven opportunities.

GBPJPY tends to rise during periods of strong global growth and positive market sentiment, when investors favour higher-yielding currencies like the pound. During times of economic uncertainty or market stress, capital typically flows into the Japanese yen, leading to sharp pullbacks. GBPJPY is most actively traded during the overlap of the London and Asian trading sessions.

The pair is heavily influenced by UK economic data such as inflation, employment figures, and GDP growth, alongside monetary policy decisions from the Bank of England. At the same time, actions by the Bank of Japan, shifts in global bond yields, and changes in equity market sentiment play a crucial role in shaping its price. Based on some estimates, GBPJPY was estimated to account for around $90-110 billion in average daily trading volume as of April 2025.

AUDJPY

AUDJPY is a widely traded minor currency pair linking Australia’s commodity-driven economy with Japan’s safe-haven currency. It represents the exchange rate between the Australian dollar and the Japanese Yen. This is yet another currency pair that people use as a proxy for risk appetite.

During periods of strong global growth, especially rising commodity prices, the Australian dollar tends to strengthen, pushing the pair higher. Conversely, during times of market uncertainty, geopolitical tension, or equity market sell-offs, the Japanese yen often benefits from safe-haven inflows, leading to declines in AUDJPY. While it was hard to find a standalone daily turnover figure for AUDJPY, the pair consistently ranks among the most liquid and widely traded minor currency pairs, with estimates putting its daily averages at between $70-100 billion. It is mostly active during the Tokyo and Australian forex trading sessions.

The pair is influenced by a wide range of economic and financial factors. These include Australian economic data such as employment figures, inflation, and trade balances, as well as monetary policy decisions from the Reserve Bank of Australia. On the Japanese side, Bank of Japan policies, interest rate expectations, and shifts in global bond yields play a key role. Commodity prices, particularly iron ore and coal, also have a strong indirect impact on AUDJPY movements.

EURCHF

The EURCHF represents the exchange rate between the euro and the Swiss franc. This pair is heavily influenced by Switzerland’s role as a financial safe haven and by the Swiss National Bank’s monetary policy interventions. Compared to other minor pairs, EURCHF tends to exhibit lower volatility.

The pair is strongly influenced by regional economic conditions in Europe, as the eurozone is Switzerland’s largest trading partner. As a result, changes in eurozone growth prospects, inflation trends, and political stability often have a direct impact on EURCHF price movements. However, the Swiss franc’s long-standing role as a safe-haven currency means the pair can experience sharp moves during periods of global financial stress.

The EURCHF is most active during the London session and is commonly used by institutional traders and long-term investors. Based on the BIS triennial survey, the EURCHF pair had an average daily trading turnover of $97 billion in April 2025.

CADJPY

The CADJPY is a popular minor currency pair that links the Canadian dollar, a commodity-driven currency, with the Japanese yen. The Canadian dollar is closely tied to crude oil prices, as Canada is one of the world’s largest oil exporters. When oil prices rise and global growth prospects improve, the Canadian dollar often strengthens, pushing CADJPY higher. In contrast, during periods of market uncertainty or risk-off sentiment, capital typically flows into the Japanese yen, leading to declines in the pair.

CADJPY is influenced by a mix of macroeconomic and financial factors. On the Canadian side, key drivers include employment data, inflation, GDP growth, and monetary policy decisions from the Bank of Canada. On the Japanese side, Bank of Japan policy signals, global bond yields, and shifts in equity market sentiment significantly impact price movements.

The pair is most actively traded during the New York session, when markets are active in Canada. While exact standalone figures are less frequently published, industry estimates suggest that CADJPY accounts for approximately $60-80 billion in average daily trading volume.

Why These Minor Currency Pairs Dominate Trading

Traders are drawn to minor currency pairs for several key reasons. While they may not offer the same ultra-high liquidity as major pairs, their unique characteristics create opportunities that many active traders find appealing. The key reasons why investors trade these pairs include:

• Targeted Exposure to Specific Economies - Minor pairs allow traders to focus on specific economies like the eurozone, Japan, Canada, and Australia without being influenced by the US dollar. This is particularly useful for traders who want to focus on regional economic trends, central bank policies, or geopolitical developments.

• Higher Volatility and Trading Opportunities - Many minor pairs, including GBP/JPY and AUD/JPY, exhibit larger price swings compared to major pairs. This increased volatility creates opportunities for traders to capture more substantial profits from short-term market movements.

• Relative Stability for Certain Pairs - Some minor pairs, like EUR/CHF, tend to move more steadily because of the Swiss franc’s safe-haven status and predictable monetary policy. These pairs appeal to traders seeking lower-risk exposure or those using hedging strategies.

• Liquidity and Competitive Spreads - The most traded minor pairs still maintain sufficient liquidity to allow for efficient trade execution and relatively tight spreads. This makes them attractive for both retail and institutional traders who need reliable entry and exit points.

• Diversification Benefits - Minor pairs can be used to diversify trading portfolios or hedge against exposure to major currencies. For example, EUR/JPY or GBP/JPY can serve as alternatives for traders looking to manage risk outside of USD-centric trades.

Closing Remarks

The most traded minor currency pairs play a vital role in the global forex market. While they may not match the sheer volume of major pairs, they offer unique advantages through diversified exposure, clear macroeconomic drivers, and meaningful volatility. Their movements often reflect shifts in regional growth, interest rate expectations, and global risk sentiment.

For traders looking to move beyond US dollar–focused strategies, minor currency pairs provide valuable opportunities. Some pairs offer higher volatility and trend-driven opportunities, while others provide relative stability and a safe-haven alternative. Additionally, sufficient liquidity, competitive spreads, and portfolio diversification potential make minor pairs attractive. In essence, minor currency pairs combine the best of both worlds. Specifically, they provide the depth and reliability of major economic currencies with the flexibility and diversity needed for strategic trading.