How closely did these two pairs move?
Currency pairs can move together for weeks and then pull apart within days. This looks at how closely two pairs have tracked each other, using the Pearson correlation coefficient over stated trading-day windows.
Read the analysisCorrelations already worked out
The interactive version of this checker, where a reader picks two pairs and sees the coefficient for that combination, is not built yet.
EUR/USD and USD/CHF
Over the 40 ECB fixings to 6 October 2026, daily changes in EUR/USD and USD/CHF had a correlation of -0.53, our own calculation from European Central Bank reference rates. That is a moderate opposite link. Across that window the two pairs tended to move in different directions on the same day, though not by a fixed ratio.
EUR/GBP and USD/JPY
Over the same 40 fixings, daily changes in EUR/GBP and USD/JPY had a correlation of -0.13, also our own calculation from European Central Bank reference rates. That counts as almost no link. One pair's daily move told you very little about the other's over that period.
Both figures could contain errors. Both are already out of date, because a 40-fixing window moves forward with every new ECB rate, and the figure for the latest window will not match the one given here.
What the correlation figures measure
What the correlation coefficient measures
The Pearson correlation coefficient describes how closely the daily changes of two currency pairs have moved together over a stated period. It runs from -1 to 1. A figure close to 1 means the two pairs have tended to rise and fall on the same days. A figure close to -1 means they have tended to move in opposite directions on the same days. A figure close to 0 means one pair's daily moves have told you little about the other's.
Our correlation figures use the daily changes of the previous 40 ECB fixings. Exchange rates behind them are European Central Bank reference rates, set at about 14:10 CET; the figure worked out from them is our own calculation.
Strength labels
We describe a correlation as almost no link below 0.2 in size, moderate from 0.2 up to 0.7, and strong from 0.7. A negative figure of the same size is not the absence of a link. It is an opposite link: the two pairs have tended to move against each other.
Why the window and the date travel together
A correlation figure on its own does not say which days it covers. Forty fixings in a quiet month can produce a different figure from forty fixings spanning a central-bank decision, even for the same two pairs. Showing the window alongside the calendar dates it covers lets a reader place the figure against what was happening in the market at the time.
The relationship measured this way describes the period it was calculated over. It is not a statement about how the two pairs will move together next.