Typically refers to currencies that are not among the top traded majors, but are still significant. Often this term is used for the smaller of two currencies in a pair, or for currencies like AUD, CAD, NZD (sometimes called “commodity currencies”) which are less liquid than the top four majors (USD, EUR, JPY, GBP). For example, the “minor pairs” can refer to pairs like AUD/JPY, GBP/CAD, etc., that don’t include USD. (Note: Some sources call AUD, CAD, NZD “commodity majors,” and reserve “minor” for any non-USD cross pairs.)

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