Cross rate

Exchange rate between two currencies neither of which is USD. Quoted indirectly through their respective USD rates. EUR/JPY = (USD/JPY) ÷ (USD/EUR), for example.

Direct cross liquidity is good for major pairs (EUR/JPY, GBP/JPY, EUR/GBP). Lesser crosses (e.g., AUD/MXN) trade thinly with wider spreads.