Forex Correlation Matrix — 28 Pairs
Pearson correlation of daily log returns across all 28 conventional FX pairs, built from ~90 days of ECB reference rates (converted to USD base, crosses triangulated). Green = move together, red = move opposite. Data through 2026-08-28.
| AUDNZD | AUDUSD | CADAUD | CADNZD | CHFAUD | CHFCAD | CHFNZD | EURAUD | EURCAD | EURCHF | EURGBP | EURJPY | EURNZD | EURUSD | GBPAUD | GBPCAD | GBPCHF | GBPJPY | GBPNZD | GBPUSD | JPYAUD | JPYCAD | JPYCHF | JPYNZD | NZDUSD | USDCAD | USDCHF | USDJPY | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUDNZD | 1.00 | 0.10 | -0.32 | 0.52 | -0.48 | -0.17 | 0.45 | -0.40 | -0.02 | 0.25 | -0.06 | 0.06 | 0.60 | -0.25 | -0.36 | 0.02 | 0.24 | 0.08 | 0.60 | -0.19 | -0.29 | -0.06 | 0.07 | 0.36 | -0.56 | 0.30 | 0.32 | 0.24 |
| AUDUSD | 0.10 | 1.00 | -0.81 | -0.65 | -0.48 | 0.41 | -0.39 | -0.70 | 0.37 | -0.19 | -0.17 | 0.28 | -0.51 | 0.70 | -0.58 | 0.43 | -0.04 | 0.33 | -0.41 | 0.69 | -0.63 | -0.04 | -0.34 | -0.54 | 0.77 | -0.50 | -0.63 | -0.27 |
| CADAUD | -0.32 | -0.81 | 1.00 | 0.64 | 0.63 | -0.46 | 0.34 | 0.76 | -0.58 | 0.03 | 0.08 | -0.15 | 0.36 | -0.38 | 0.69 | -0.56 | -0.04 | -0.18 | 0.30 | -0.37 | 0.57 | -0.19 | 0.15 | 0.35 | -0.47 | -0.09 | 0.30 | 0.15 |
| CADNZD | 0.52 | -0.65 | 0.64 | 1.00 | 0.18 | -0.55 | 0.67 | 0.36 | -0.53 | 0.22 | 0.03 | -0.09 | 0.81 | -0.55 | 0.33 | -0.49 | 0.16 | -0.10 | 0.76 | -0.49 | 0.29 | -0.22 | 0.19 | 0.61 | -0.88 | 0.16 | 0.53 | 0.33 |
| CHFAUD | -0.48 | -0.48 | 0.63 | 0.18 | 1.00 | 0.40 | 0.57 | 0.83 | 0.08 | -0.53 | 0.12 | -0.09 | 0.27 | 0.15 | 0.74 | 0.00 | -0.52 | -0.13 | 0.20 | 0.08 | 0.56 | 0.13 | -0.18 | 0.24 | -0.09 | -0.11 | -0.38 | -0.20 |
| CHFCAD | -0.17 | 0.41 | -0.46 | -0.55 | 0.40 | 1.00 | 0.25 | 0.06 | 0.77 | -0.63 | 0.04 | 0.08 | -0.11 | 0.62 | 0.03 | 0.66 | -0.55 | 0.06 | -0.13 | 0.52 | -0.03 | 0.37 | -0.37 | -0.14 | 0.45 | -0.02 | -0.79 | -0.39 |
| CHFNZD | 0.45 | -0.39 | 0.34 | 0.67 | 0.57 | 0.25 | 1.00 | 0.47 | 0.07 | -0.31 | 0.07 | -0.03 | 0.84 | -0.08 | 0.42 | 0.02 | -0.30 | -0.06 | 0.77 | -0.10 | 0.31 | 0.07 | -0.12 | 0.59 | -0.62 | 0.17 | -0.09 | 0.03 |
| EURAUD | -0.40 | -0.70 | 0.76 | 0.36 | 0.83 | 0.06 | 0.47 | 1.00 | 0.10 | 0.04 | 0.23 | -0.08 | 0.49 | 0.03 | 0.85 | -0.05 | -0.13 | -0.17 | 0.37 | -0.09 | 0.67 | 0.13 | 0.09 | 0.39 | -0.32 | 0.07 | 0.00 | -0.10 |
| EURCAD | -0.02 | 0.37 | -0.58 | -0.53 | 0.08 | 0.77 | 0.07 | 0.10 | 1.00 | 0.01 | 0.16 | 0.13 | 0.07 | 0.61 | 0.01 | 0.79 | -0.10 | 0.06 | 0.00 | 0.46 | -0.04 | 0.46 | -0.11 | -0.05 | 0.32 | 0.22 | -0.46 | -0.34 |
| EURCHF | 0.25 | -0.19 | 0.03 | 0.22 | -0.53 | -0.63 | -0.31 | 0.04 | 0.01 | 1.00 | 0.12 | 0.03 | 0.27 | -0.24 | -0.03 | -0.07 | 0.73 | -0.02 | 0.20 | -0.26 | 0.00 | -0.02 | 0.45 | 0.16 | -0.32 | 0.30 | 0.68 | 0.20 |
| EURGBP | -0.06 | -0.17 | 0.08 | 0.03 | 0.12 | 0.04 | 0.07 | 0.23 | 0.16 | 0.12 | 1.00 | 0.08 | 0.14 | -0.02 | -0.32 | -0.48 | -0.59 | -0.34 | -0.33 | -0.49 | 0.07 | 0.02 | -0.02 | 0.03 | -0.11 | 0.17 | 0.07 | 0.09 |
| EURJPY | 0.06 | 0.28 | -0.15 | -0.09 | -0.09 | 0.08 | -0.03 | -0.08 | 0.13 | 0.03 | 0.08 | 1.00 | -0.02 | 0.30 | -0.13 | 0.06 | -0.03 | 0.91 | -0.06 | 0.23 | -0.80 | -0.82 | -0.88 | -0.74 | 0.19 | -0.25 | -0.22 | 0.70 |
| EURNZD | 0.60 | -0.51 | 0.36 | 0.81 | 0.27 | -0.11 | 0.84 | 0.49 | 0.07 | 0.27 | 0.14 | -0.02 | 1.00 | -0.22 | 0.40 | -0.02 | 0.12 | -0.08 | 0.89 | -0.26 | 0.31 | 0.06 | 0.14 | 0.69 | -0.81 | 0.34 | 0.30 | 0.15 |
| EURUSD | -0.25 | 0.70 | -0.38 | -0.55 | 0.15 | 0.62 | -0.08 | 0.03 | 0.61 | -0.24 | -0.02 | 0.30 | -0.22 | 1.00 | 0.03 | 0.55 | -0.18 | 0.29 | -0.20 | 0.88 | -0.21 | 0.08 | -0.38 | -0.37 | 0.75 | -0.63 | -0.88 | -0.47 |
| GBPAUD | -0.36 | -0.58 | 0.69 | 0.33 | 0.74 | 0.03 | 0.42 | 0.85 | 0.01 | -0.03 | -0.32 | -0.13 | 0.40 | 0.03 | 1.00 | 0.21 | 0.19 | 0.02 | 0.53 | 0.18 | 0.61 | 0.12 | 0.10 | 0.36 | -0.26 | -0.03 | -0.04 | -0.14 |
| GBPCAD | 0.02 | 0.43 | -0.56 | -0.49 | 0.00 | 0.66 | 0.02 | -0.05 | 0.79 | -0.07 | -0.48 | 0.06 | -0.02 | 0.55 | 0.21 | 1.00 | 0.27 | 0.26 | 0.20 | 0.71 | -0.08 | 0.40 | -0.09 | -0.06 | 0.35 | 0.09 | -0.46 | -0.36 |
| GBPCHF | 0.24 | -0.04 | -0.04 | 0.16 | -0.52 | -0.55 | -0.30 | -0.13 | -0.10 | 0.73 | -0.59 | -0.03 | 0.12 | -0.18 | 0.19 | 0.27 | 1.00 | 0.22 | 0.39 | 0.12 | -0.05 | -0.03 | 0.38 | 0.11 | -0.19 | 0.12 | 0.50 | 0.11 |
| GBPJPY | 0.08 | 0.33 | -0.18 | -0.10 | -0.13 | 0.06 | -0.06 | -0.17 | 0.06 | -0.02 | -0.34 | 0.91 | -0.08 | 0.29 | 0.02 | 0.26 | 0.22 | 1.00 | 0.09 | 0.42 | -0.79 | -0.78 | -0.82 | -0.71 | 0.23 | -0.31 | -0.24 | 0.62 |
| GBPNZD | 0.60 | -0.41 | 0.30 | 0.76 | 0.20 | -0.13 | 0.77 | 0.37 | 0.00 | 0.20 | -0.33 | -0.06 | 0.89 | -0.20 | 0.53 | 0.20 | 0.39 | 0.09 | 1.00 | -0.02 | 0.26 | 0.05 | 0.14 | 0.64 | -0.73 | 0.25 | 0.25 | 0.10 |
| GBPUSD | -0.19 | 0.69 | -0.37 | -0.49 | 0.08 | 0.52 | -0.10 | -0.09 | 0.46 | -0.26 | -0.49 | 0.23 | -0.26 | 0.88 | 0.18 | 0.71 | 0.12 | 0.42 | -0.02 | 1.00 | -0.22 | 0.06 | -0.33 | -0.34 | 0.70 | -0.63 | -0.80 | -0.45 |
| JPYAUD | -0.29 | -0.63 | 0.57 | 0.29 | 0.56 | -0.03 | 0.31 | 0.67 | -0.04 | 0.00 | 0.07 | -0.80 | 0.31 | -0.21 | 0.61 | -0.08 | -0.05 | -0.79 | 0.26 | -0.22 | 1.00 | 0.70 | 0.71 | 0.79 | -0.34 | 0.23 | 0.16 | -0.58 |
| JPYCAD | -0.06 | -0.04 | -0.19 | -0.22 | 0.13 | 0.37 | 0.07 | 0.13 | 0.46 | -0.02 | 0.02 | -0.82 | 0.06 | 0.08 | 0.12 | 0.40 | -0.03 | -0.78 | 0.05 | 0.06 | 0.70 | 1.00 | 0.72 | 0.64 | 0.01 | 0.35 | -0.07 | -0.82 |
| JPYCHF | 0.07 | -0.34 | 0.15 | 0.19 | -0.18 | -0.37 | -0.12 | 0.09 | -0.11 | 0.45 | -0.02 | -0.88 | 0.14 | -0.38 | 0.10 | -0.09 | 0.38 | -0.82 | 0.14 | -0.33 | 0.71 | 0.72 | 1.00 | 0.74 | -0.33 | 0.36 | 0.51 | -0.53 |
| JPYNZD | 0.36 | -0.54 | 0.35 | 0.61 | 0.24 | -0.14 | 0.59 | 0.39 | -0.05 | 0.16 | 0.03 | -0.74 | 0.69 | -0.37 | 0.36 | -0.06 | 0.11 | -0.71 | 0.64 | -0.34 | 0.79 | 0.64 | 0.74 | 1.00 | -0.69 | 0.41 | 0.36 | -0.41 |
| NZDUSD | -0.56 | 0.77 | -0.47 | -0.88 | -0.09 | 0.45 | -0.62 | -0.32 | 0.32 | -0.32 | -0.11 | 0.19 | -0.81 | 0.75 | -0.26 | 0.35 | -0.19 | 0.23 | -0.73 | 0.70 | -0.34 | 0.01 | -0.33 | -0.69 | 1.00 | -0.61 | -0.73 | -0.38 |
| USDCAD | 0.30 | -0.50 | -0.09 | 0.16 | -0.11 | -0.02 | 0.17 | 0.07 | 0.22 | 0.30 | 0.17 | -0.25 | 0.34 | -0.63 | -0.03 | 0.09 | 0.12 | -0.31 | 0.25 | -0.63 | 0.23 | 0.35 | 0.36 | 0.41 | -0.61 | 1.00 | 0.63 | 0.25 |
| USDCHF | 0.32 | -0.63 | 0.30 | 0.53 | -0.38 | -0.79 | -0.09 | 0.00 | -0.46 | 0.68 | 0.07 | -0.22 | 0.30 | -0.88 | -0.04 | -0.46 | 0.50 | -0.24 | 0.25 | -0.80 | 0.16 | -0.07 | 0.51 | 0.36 | -0.73 | 0.63 | 1.00 | 0.46 |
| USDJPY | 0.24 | -0.27 | 0.15 | 0.33 | -0.20 | -0.39 | 0.03 | -0.10 | -0.34 | 0.20 | 0.09 | 0.70 | 0.15 | -0.47 | -0.14 | -0.36 | 0.11 | 0.62 | 0.10 | -0.45 | -0.58 | -0.82 | -0.53 | -0.41 | -0.38 | 0.25 | 0.46 | 1.00 |
Methodology: ECB daily reference rates (EUR-based, via Frankfurter) → converted to USD base → all 28 pair prices constructed (EURUSD = 1/R(EUR); USDJPY = R(JPY); crosses triangulated, e.g. EURGBP = EURUSD/GBPUSD) → daily log returns → Pearson correlation. 85 observations. Rates are reference rates for information, not transaction prices.
How To Use Correlation In Your Trading
Risk stacking: buying EURUSD, GBPUSD and AUDUSD at once is not three trades — with ~+0.6 to +0.8 correlation between them it's roughly one 3× bet against the USD. Check the matrix before scaling into "different" pairs.
Natural hedges: strongly negative pairs (e.g. EURUSD vs USDCHF historically ≈ −0.9) move against each other — useful for hedge construction, dangerous if traded in the same direction by accident.
Pairs trading: when EURJPY and GBPJPY correlation temporarily breaks down, mean-reversion traders trade the spread back to normal.
FAQ
What is a good correlation for forex pairs?
Above +0.7 or below −0.7 is strongly correlated; treat those positions as one exposure. Between +0.3 and −0.3 is effectively independent — safe to combine.
Which forex pairs are most correlated?
EURUSD vs GBPUSD and EURUSD vs AUDUSD usually run +0.6 to +0.9; EURUSD vs USDCHF is the classic −0.9 inverse. GBPJPY and AUDJPY both follow risk sentiment.
Why do some pairs show the same absolute correlation?
Inverse pairs are mirror images by construction: EURUSD vs USDCHF are almost the same bet seen from opposite ends, so their correlation with other pairs is nearly identical in magnitude with flipped signs.
Related Tools
Choose the next useful step
Most visitors arrive with one question: build, test, price, or trust. These shortcuts keep the path practical.