EUR/USD: a guide to the world's most traded pair

Updated 2026-09-20

What EUR/USD is, what moves it, the best hours to trade it, spread and pip value, correlations and the data to follow.

What it is

EUR/USD (also nicknamed "fiber") compares the euro with the US dollar. It is the most liquid pair in the world, usually with the lowest spread of all, which makes it the best suited to beginners.

What moves it

ECB and Fed decisions and tone: the rate differential is the main factor
Inflation (CPI, PCE), employment (NFP) and growth data for the eurozone and the United States
Risk sentiment and the dollar's overall strength (DXY)

When to trade it

The most active moments are the London session and the overlap with New York, roughly 08:00 to 17:00 UK time. At night the spread is higher and moves less reliable. Beware of high-impact announcements.

Costs and pips

The pip is the fourth decimal; with a dollar account 1 standard lot is worth about $10 a pip. The spread on standard accounts is often around 1 pip, lower on Raw accounts with a commission.

Correlations

It often moves similarly to GBP/USD and AUD/USD and in the opposite direction to USD/CHF: opening several dollar positions can duplicate risk without you noticing.