Currency Correlation Matrix

View approximate correlation coefficients between 8 major forex pairs. Identify hedging opportunities and avoid doubling exposure.

Approximate 90-day correlation coefficients between major forex pairs. Green indicates strong positive correlation, red strong negative, amber weak.

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	AUD/USD	USD/CAD	NZD/USD	EUR/GBP
EUR/USD	1.00	0.87	-0.51	-0.92	0.72	-0.68	0.67	0.32
GBP/USD	0.87	1.00	-0.42	-0.84	0.69	-0.62	0.63	-0.28
USD/JPY	-0.51	-0.42	1.00	0.60	-0.34	0.48	-0.31	-0.15
USD/CHF	-0.92	-0.84	0.60	1.00	-0.64	0.71	-0.59	-0.22
AUD/USD	0.72	0.69	-0.34	-0.64	1.00	-0.74	0.91	0.12
USD/CAD	-0.68	-0.62	0.48	0.71	-0.74	1.00	-0.70	-0.14
NZD/USD	0.67	0.63	-0.31	-0.59	0.91	-0.70	1.00	0.11
EUR/GBP	0.32	-0.28	-0.15	-0.22	0.12	-0.14	0.11	1.00

Strong positive (≥0.7)Strong negative (≤-0.7) Weak (-0.4 to 0.4)

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FAQ

What does a correlation of -1 or +1 mean?›

A correlation of +1 means two pairs move in perfect lockstep. A correlation of -1 means they move in exactly opposite directions. Values near 0 indicate little to no linear relationship.

How should I use the correlation matrix?›

Avoid taking same-direction trades on highly correlated pairs (e.g., EUR/USD and GBP/USD) as it doubles your exposure. Use negatively correlated pairs for hedging strategies.