What Are the G10 Currencies? Complete List and Forex Guide

G10 currencies sit at the centre of the global foreign exchange market. The term refers to ten widely traded developed-market currencies that appear in many major and cross-currency pairs. Their deep liquidity, extensive economic coverage and connection to influential central banks make them important to businesses, investors and traders. However, the currency list is not identical to the 11-country Group of Ten, nor is it a live ranking of current trading volume.

This guide explains the G10 currencies, their main pairs and market drivers, plus how forex CFD trading works and which risks traders should understand before trading.

Key Takeaways

• The standard G10 currency list contains USD, EUR, GBP, JPY, CHF, CAD, AUD, NZD, NOK and SEK.
• G10 currencies are different from the Group of Ten, an international economic grouping containing 11 countries.
• The G10 label is a traditional market convention rather than a regularly updated ranking of the ten most-traded currencies.
• Major G10 pairs generally offer deep liquidity, while less actively traded crosses may have wider spreads.
• Interest-rate expectations, economic data, commodity prices and market sentiment are major drivers of G10 exchange rates.
• Forex CFDs allow traders to take long and short positions without owning currencies, but leverage magnifies potential losses as well as gains.

What Are the G10 Currencies?

G10 currencies are a conventional group of ten developed-market currencies widely followed in the foreign exchange market. They are the US dollar, euro, pound sterling, Japanese yen, Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar, Norwegian krone and Swedish krona.

These currencies are issued by advanced economies with established central banks and relatively open financial markets. Many of the world’s most active currency pairs, including EUR/USD, USD/JPY and GBP/USD, are formed from currencies in this group.

“G10” should not be interpreted as an official IMF currency index. It is a long-established market term used by banks, analysts, asset managers and traders to describe a major segment of developed-market foreign exchange.

Where Does the Term G10 Come From?

The name is historically associated with the Group of Ten and the IMF’s General Arrangements to Borrow. The arrangement was established in 1962 when ten governments or central banks agreed to make additional resources available to the IMF under certain circumstances.

Switzerland joined the arrangement in 1964. This increased the country group to 11 members, although the original G10 name remained. The group later played a broader role in discussions about international monetary cooperation and the global financial system. The history and current country membership are documented in the IMF’s guide to international groups and committees.

The connection between this country group and the modern currency-market term is not exact. The two concepts share historical roots, but they should not be treated as interchangeable classifications.

Why Are There 10 G10 Currencies but 11 G10 Countries?

There are ten currencies in the conventional market list but 11 countries in the Group of Ten because several member countries now share the euro.

The G10 country group includes Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States. Belgium, France, Germany, Italy and the Netherlands all use the euro, so they do not contribute five separate currencies to the modern forex list.

The currency convention also includes the Australian dollar, New Zealand dollar and Norwegian krone, even though Australia, New Zealand and Norway are not members of the original country group. These currencies became important parts of developed-market forex trading because of their liquidity and economic relevance.

Does G10 Mean the Ten Most-Traded Currencies Today?

No. G10 does not necessarily mean the ten currencies with the highest turnover at the present time. It is better understood as a traditional developed-market FX classification.

This distinction matters because the composition of global trading has changed. According to the BIS 2025 Triennial Central Bank Survey, the Chinese renminbi accounted for 8.5% of global currency turnover in April 2025, making it one of the most actively traded currencies. However, CNY is not part of the conventional G10 currency basket.

Similarly, currencies such as the Singapore dollar and Hong Kong dollar can generate substantial turnover without being classified as G10 currencies. Market volume evolves, while the G10 label remains relatively stable.

Complete List of G10 Currencies

The complete list contains ten currencies. Each responds to its own domestic economy and central bank, although global factors can affect several G10 currencies at the same time.

These roles describe common market tendencies rather than permanent relationships. For example, CAD may respond to oil prices because Canada is a major energy exporter, but monetary policy, domestic data and broad US dollar movements can sometimes have a stronger influence.

The same caution applies to defensive currencies. JPY and CHF have historically attracted demand during some periods of financial stress, but they do not rise during every risk-off event. Interest-rate expectations, market positioning and central-bank intervention can change their behaviour.

View full Forex CFDs list on Markets.com

Why G10 Currencies Matter in Forex Markets

G10 currencies matter because they support much of the world’s foreign exchange trading, cross-border investment, corporate hedging and international commerce. Their markets generally have extensive analyst coverage, transparent economic data and participation from banks, funds, businesses and individual traders.

The BIS reported that global over-the-counter foreign exchange turnover averaged $9.6 trillion per day in April 2025. The US dollar was on one side of 89.2% of all transactions, while the euro, yen and pound also represented substantial shares of activity.

Currency percentages in BIS data add to roughly 200%, not 100%, because every transaction contains two currencies. A EUR/USD trade, for example, is included in the turnover share of both EUR and USD.

High activity usually supports efficient price discovery and narrower spreads in heavily traded pairs. However, liquidity is not constant. Spreads can widen around economic announcements, market holidays, daily rollovers or unexpected political and central-bank events.

G10 Currency Market Roles

G10 currencies can be loosely organised according to their usual market roles:

• USD, EUR and GBP are core international and reserve currencies.
• JPY and CHF are commonly regarded as defensive or funding currencies.
• AUD, CAD, NZD and NOK are often linked with commodities and global growth.
• SEK is usually treated as a smaller, cyclical European currency.

These classifications overlap. The US dollar, for instance, is simultaneously a reserve currency, a funding currency and a potential defensive asset. The yen can behave as a funding currency when Japanese rates are low but may rise sharply if leveraged carry trades are unwound.

G10 Currencies vs G7, G20 and Emerging-Market Currencies

G10, G7 and G20 are not three comparable currency indices. The G7 and G20 are primarily forums for economic and political cooperation, while G10 currencies are a forex-market convention.

G10 pairs usually have deeper liquidity and more market coverage than many emerging-market pairs. That does not make them risk-free. Emerging-market currencies may experience larger moves and wider spreads, but G10 currencies can also move abruptly when monetary policy or political expectations change.

G10 Currency Pairs: Majors, Crosses and Forex Quotes

A G10 currency pair compares the value of one G10 currency with another currency. Some are major pairs involving USD, while others are crosses that do not contain the US dollar.

Understanding how pairs are quoted is essential because you never trade a currency in isolation. You are always expressing the expected strength of one currency relative to another.

What Are Base and Quote Currencies?

The first currency in a pair is the base currency, while the second is the quote currency. If EUR/USD is quoted at 1.0800, one euro is worth 1.08 US dollars.

Buying EUR/USD means taking a position based on the euro rising relative to the dollar. Selling EUR/USD means taking a position based on the euro falling relative to the dollar.

A trader therefore needs to consider both sides of the exchange rate. Positive eurozone data might support EUR, but EUR/USD could still fall if US developments create even stronger demand for USD.

Major G10 Currency Pairs

Major forex pairs normally combine the US dollar with another widely traded currency. Common examples include:

• EUR/USD
• USD/JPY
• GBP/USD
• AUD/USD
• USD/CAD
• USD/CHF
• NZD/USD

Definitions differ slightly across providers, but EUR/USD, USD/JPY and GBP/USD are consistently among the most active pairs. Higher liquidity can support tighter spreads, although trading costs still vary by provider and market conditions.

G10 Cross-Currency Pairs

A cross-currency pair does not include USD. Examples involving G10 currencies include EUR/GBP, EUR/JPY, GBP/JPY, AUD/NZD and EUR/NOK.

Crosses allow traders to express a more specific view. Buying EUR/GBP, for example, represents an expectation that the euro will strengthen against sterling without taking direct US dollar exposure.

Liquidity varies widely between crosses. EUR/GBP and EUR/JPY are usually more active than pairs involving NOK or SEK. Lower activity may result in wider spreads and greater slippage, particularly outside the relevant European trading session.

Practical Quote and Pip Example

Suppose EUR/USD rises from 1.0800 to 1.0850. The change is 0.0050, or 50 pips. A long position would move in the favourable direction, while a short position would move against the trader.

If a hypothetical position is worth $1 per pip, the 50-pip movement would produce a gross change of $50 before the spread, financing charges and any currency conversion. The result changes with position size: a value of $5 per pip would create a gross change of $250.

For most currency pairs, one pip is the fourth decimal place. For yen pairs, it is commonly the second decimal place. Platform quotations may display an additional fractional pip.

G10 forex markets operate across the Asia-Pacific, European and North American sessions, making trading available for most of the weekday. Liquidity is often strongest when the main sessions for both currencies are active.

What Moves G10 Currency Prices?

G10 exchange rates move when expectations about one economy change relative to expectations about another. Traders therefore focus on policy differences, economic surprises, international trade, commodities and changes in market sentiment.

A strong domestic report does not guarantee that a currency will rise. The result may already be reflected in the price, or the other currency in the pair may have a more powerful catalyst.

Central Banks and Interest-Rate Differentials

Central banks influence currencies through policy rates, asset-purchase programmes, liquidity measures and communication about future policy.

Higher expected interest rates can support a currency by making assets denominated in that currency relatively more attractive. However, the market usually responds to changes in expectations rather than the rate level alone.

Consider EUR/USD. If traders expect the Federal Reserve to keep rates higher while the European Central Bank prepares to ease policy, the widening expected rate difference may support USD against EUR. If that policy gap has already been priced in, the reaction could be smaller or reverse when the decisions arrive.

Government bond yields provide another indication of interest-rate expectations. Traders often compare yields across countries to understand changes in the relative appeal of their currencies.

Read more about What Are Government Bonds? A Beginner’s Guide to How They Work

Inflation, Employment and Economic Growth

Inflation reports, employment data, GDP, retail sales and business surveys help markets assess economic strength and future monetary policy.

The most important factor is often the difference between the published result and the market forecast. If US inflation exceeds expectations, traders may price a more restrictive Federal Reserve path. That can support USD, although the reaction depends on other details and existing positioning.

Employment releases are also influential. US non-farm payrolls can affect almost every major dollar pair, while UK employment data may move GBP and Australian labour-market figures can influence AUD.

Economic data should be analysed as a group. One strong release rarely establishes a durable trend if other indicators point in the opposite direction.

Commodities and International Trade

Several G10 currencies are associated with commodity-producing economies. CAD and NOK can respond to oil prices, while AUD is sensitive to metals demand and economic developments in China. NZD may react to agricultural export conditions and Asia-Pacific growth.

These relationships are not fixed. Oil can rise while CAD falls if investors are focused on Bank of Canada easing, weak Canadian data or broad US dollar strength.

Trade balances and terms of trade also matter. Rising export prices can improve the income an economy receives from overseas, potentially supporting its currency. Higher import costs can create the opposite pressure, although they may also raise inflation and change interest-rate expectations.

Risk Sentiment, Politics and Intervention

Political uncertainty, elections, fiscal announcements and geopolitical conflict can shift capital between currencies. JPY, CHF and USD have historically attracted defensive flows during some periods of stress, while AUD and NZD are often more sensitive to confidence in global growth.

Central-bank or government intervention creates an additional risk. Authorities may enter the currency market or signal concern when an exchange rate moves too quickly. Intervention can produce sudden price changes, especially when positioning is concentrated.

For example, stronger-than-expected US inflation combined with weaker eurozone growth expectations could place downward pressure on EUR/USD. However, positioning, technical levels and an unexpected policy comment could alter the initial reaction.

Risks of Trading G10 Currency CFDs and How to Manage Them

G10 currencies may be highly liquid, but trading them through leveraged CFDs can still result in rapid losses. Low historical volatility does not mean low account risk when leverage increases market exposure.

The principal risks include:

• Leverage and margin risk: a relatively small exchange-rate move can cause a much larger percentage change in the capital committed as margin.
• Event risk: central-bank decisions, inflation data, elections and intervention can create abrupt price movements.
• Spread and liquidity risk: spreads may widen around major announcements, holidays or less active sessions.
• Slippage and gap risk: an order may execute at a different price from the requested level during fast or discontinuous markets.
• Financing risk: overnight charges can accumulate when a CFD position remains open.
• Correlation risk: several positions may depend on the same currency or economic theme.

For example, holding long positions in both AUD/USD and NZD/USD creates overlapping exposure to a weaker US dollar and stronger risk-sensitive currencies. The trades use different pairs, but they may respond similarly to a global risk-off event.

Risk management starts with deciding how much money you could lose if the trade reaches its invalidation point. Position size should then be calculated from that amount and the distance to the stop-loss. A stop can limit risk under normal conditions, but it cannot guarantee execution at the requested price during gaps or severe volatility.

How to Trade G10 Currency Pairs: Step by Step

Moving from currency research to a live position requires more than choosing which currency looks strongest. UAE traders should establish the regulatory, timing and risk framework before placing a G10 forex trade.

• Choose an appropriately regulated broker. Confirm that the broker’s specific legal entity is authorised to serve you in the UAE. The federal Capital Market Authority operates outside the financial free zones, the DFSA regulates financial services in or from the DIFC, and the FSRA regulates financial services in ADGM. A licence in one jurisdiction does not automatically provide authorisation everywhere.
• Open and verify your account. Provide accurate personal information and complete KYC checks. You will normally need proof of identity, such as a passport or national identity card, and proof of address, such as a recent utility bill or bank statement.
• Start with a demo account. Use virtual funds to practise reading quotes, changing position sizes and placing stop-loss or take-profit orders. Demo trading cannot reproduce the emotional pressure or every execution condition of live trading, but it can reduce basic platform errors.
• Build a product-specific trading routine using GST. G10 forex markets generally trade from early Monday until early Saturday GST, although individual CFD schedules and maintenance breaks vary. Tokyo is most relevant during the UAE morning, while London and New York become more active later in the day. Daylight-saving changes shift European and US session times by one hour, so check the current platform schedule.
• Plan the trade before placing it. Identify the direction, entry, invalidation level and potential target. Check both currencies’ central-bank calendars, inflation releases, employment reports and other catalysts. EUR/USD traders, for example, need to monitor both Federal Reserve and ECB developments.
• Calculate the position from the stop-loss. First determine the cash loss you could accept if the idea is wrong. Divide that amount by the stop distance to estimate an appropriate value per pip, then adjust for contract specifications, spread and possible slippage. No single risk percentage is appropriate for every trader.
• Execute, manage and review the trade. Confirm the pair, direction and position size before submitting the order. Avoid moving a stop simply to postpone a loss. After closing the position, record the original reasoning, execution quality, costs and whether the plan was followed.
• Research and preparation cannot remove forex risk. They can, however, make the decision process more consistent and help prevent leverage or position size from being determined by impulse.

How to Trade G10 Currency CFDs on Markets.com: A Step-by-Step Guide

G10 currency CFDs allow traders to speculate on exchange-rate movements without buying or taking delivery of the underlying currencies. Where the relevant product is available, Markets.com provides access to forex CFDs through its trading platform.

What Forex CFD Trading Means

What you are actually trading is a contract whose value follows the movement of a currency pair. If you buy EUR/USD, you are taking a long position based on EUR strengthening against USD. If you sell it, you are taking a short position based on EUR weakening.

A CFD uses margin, meaning the initial amount required is smaller than the full market exposure. This leverage magnifies both gains and losses. The spread is the difference between the buy and sell prices, while overnight financing may apply when a position remains open beyond the daily cut-off. The Markets.com forex CFD guide provides further product context.

Worked G10 Currency CFD Example

Assume EUR/USD is quoted at 1.0800 and a trader expects the euro to strengthen after reviewing ECB and Federal Reserve expectations. The trader opens a long CFD position, sets an invalidation point below the entry and plans a target above it.

If EUR/USD reaches 1.0850, the movement is 50 pips in the chosen direction. If it falls instead, the long position loses value. The final result depends on the position’s pip value, the opening and closing prices, spread, financing and any slippage. This hypothetical example is educational and is not a trading recommendation.

Step-by-Step Trading Process

The following process covers the standard journey from account creation to risk management. Product availability and trading conditions depend on the client’s jurisdiction and the Markets.com entity providing the account.

Step 1: Sign Up for an Account

Visit Markets.com or download the app, click "Create Account," and register with your email or a Google/Facebook/Apple account.

Step 2: Verify Your Identity (KYC)

Complete the KYC check by entering your personal details and uploading proof of identity and address.

Step 3: Fund Your Account

Deposit via card, bank transfer, e-wallet, Apple Pay, or Google Pay. The minimum deposit is $100.

Step 4: Find the Currency CFDs and Place the Trade

Search an available pair such as EUR/USD, GBP/USD or USD/JPY. Open its instrument information and review the current spread, margin requirement, trading hours and any overnight financing terms.

Choose Buy if your analysis supports the base currency strengthening against the quote currency, or Sell if it supports the base currency weakening. Enter the position size carefully and check the estimated exposure and margin before confirming the order.

Step 5: Manage Your Risk

Consider setting a stop-loss and take-profit level based on the market structure and the point at which the trading idea would no longer be valid. Calculate position size from the stop distance and the acceptable cash loss rather than selecting the largest position permitted by available margin.

New to Markets.com? Claim a generous deposit bonus on your first trade. Hurry—this offer is only available for a limited time.

Conclusion

G10 currencies are ten widely followed developed-market currencies that underpin many of the world’s major forex pairs. They are distinct from the 11-country Group of Ten and should not be treated as a live ranking of current currency turnover. Understanding base and quote currencies, central-bank policy, economic data, commodities and risk sentiment provides a stronger foundation for analysing their movements. Traders using G10 currency CFDs on Markets.com or another platform should also consider leverage, spreads, financing, slippage and correlated exposure before opening a position.

FAQs

What are the 10 G10 currencies?

The standard list includes USD, EUR, GBP, JPY, CHF, CAD, AUD, NZD, NOK and SEK. It represents a traditional group of developed-market currencies rather than a continuously updated ranking of the ten currencies with the highest current turnover.

Why are there 11 G10 countries but only 10 G10 currencies?

The Group of Ten originally had ten participants, but Switzerland later became its eleventh member while the name remained. G10 currencies are a related but separate forex-market convention, so the country and currency lists are not interchangeable.

Is the Chinese yuan a G10 currency?

No. The renminbi is not included in the conventional G10 currency basket, even though it now ranks among the world’s most-traded currencies. This demonstrates why G10 is better understood as an established market classification rather than a live liquidity ranking.

What are the most traded G10 currency pairs?

Commonly traded examples include EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CAD, USD/CHF and NZD/USD. Non-dollar crosses such as EUR/GBP and EUR/JPY also contain G10 currencies, although their liquidity and trading costs can differ.

Are G10 currencies safer than emerging-market currencies?

Not necessarily. G10 currencies usually have deeper liquidity and narrower spreads, but they can still move sharply after data releases, central-bank decisions or political events. Leveraged forex CFD trading can magnify relatively small exchange-rate movements.

Can G10 currencies be traded through CFDs?

Yes, where the relevant products are available. A forex CFD allows a trader to take a long or short position on a currency pair without owning the currencies. Leverage lowers the initial margin required but increases potential loss exposure.

Further Reading

Forex Trading Hours: Best Times to Trade Forex by Market Session

Most Volatile Forex Pairs: What Traders Should Know

How to Trade the Fed Rate Decision

What Is the Role of Central Banks in Forex Trading?

Top 5 forex brokers in UAE: What’s the best forex online trading platforms in UAE?

Top 15 Forex Chart Patterns You Need to Know

USD/CAD Forecast: Pair Recovers from Three-Week Low Ahead of Canadian Jobs Data

USD/CHF Price Forecast: Evaluating the 2026 Breakout Amid Fed and SNB Policy Divergence

USD/JPY Forecast: Analyzing the 161.60 Threshold Amid BoJ Policy Friction and Intervention Risks

USD/CAD Forecast: Oil Weakness Keeps 1.4000 in Focus

EUR/USD Outlook: Dollar Firms Before Fed Decision as Euro Rally Loses Momentum