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EUR/JPY, GBP/AUD, CHF/CAD — most non-USD pairs are actually computed from USD pairs. Here's the math and the practical impact.
What's a cross rate?
A cross rate is an exchange rate between two currencies that doesn't involve the U.S. dollar. EUR/JPY, GBP/AUD, CHF/NOK — all are crosses. They make up a smaller share of FX volume than dollar-paired majors but matter enormously to anyone living, working, or trading outside the U.S.
How crosses are calculated
Even when a cross is quoted directly (you can see EUR/JPY on any chart), the rate is usually derived from the two underlying USD pairs:
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