See how closely the major currency pairs, gold and oil move together. The matrix is calculated from live market data and updated through the day, over periods from one week to one year.
Updated 25 Sep 2026 20:54 UTC
| EUR/ |
GBP/ |
USD/ |
USD/ |
AUD/ |
USD/ |
NZD/ |
Gold | WTI Crude | |
|---|---|---|---|---|---|---|---|---|---|
| EUR/ |
1 | 0.84 | -0.52 | -0.79 | 0.73 | -0.65 | 0.66 | 0.58 | -0.24 |
| GBP/ |
0.84 | 1 | -0.48 | -0.66 | 0.70 | -0.62 | 0.66 | 0.53 | -0.19 |
| USD/ |
-0.52 | -0.48 | 1 | 0.50 | -0.42 | 0.30 | -0.38 | -0.37 | 0.29 |
| USD/ |
-0.79 | -0.66 | 0.50 | 1 | -0.63 | 0.64 | -0.59 | -0.53 | 0.29 |
| AUD/ |
0.73 | 0.70 | -0.42 | -0.63 | 1 | -0.60 | 0.77 | 0.60 | -0.29 |
| USD/ |
-0.65 | -0.62 | 0.30 | 0.64 | -0.60 | 1 | -0.55 | -0.46 | -0.07 |
| NZD/ |
0.66 | 0.66 | -0.38 | -0.59 | 0.77 | -0.55 | 1 | 0.48 | -0.23 |
| Gold | 0.58 | 0.53 | -0.37 | -0.53 | 0.60 | -0.46 | 0.48 | 1 | -0.34 |
| WTI Crude | -0.24 | -0.19 | 0.29 | 0.29 | -0.29 | -0.07 | -0.23 | -0.34 | 1 |
Pearson correlation of hourly returns. Tap or hover a cell for details.
Compare two markets
Tap any cell in the matrix to chart that pair.
Strongest positive
Strongest negative
How to read the correlation matrix
Each cell is the correlation between the price changes of two markets, from −1 to +1:
- +0.8 to +1 (dark blue): the two move in the same direction almost all the time. EUR/USD and GBP/USD are the classic example.
- around 0 (grey): no reliable relationship.
- −0.8 to −1 (dark red): they move in opposite directions. EUR/USD and USD/CHF usually sit here, because the dollar is on opposite sides of the two pairs.
Hover or tap any cell to see its value, strength and the number of price changes it is based on. The short periods (1 week, 1 month) use hourly price changes; the longer ones use daily changes.
Below the matrix, Compare two markets charts any pair side by side: the price change of both over the selected period, and their 20-day rolling correlation over the past year. The rolling chart shows how stable a relationship really is. A pair that hovers around +0.8 all year is far more dependable than one that swings between +0.5 and −0.5.
Why correlation matters
Hidden double risk. Buying EUR/USD and GBP/USD at the same time is close to one trade at twice the size. With a correlation of +0.85 both positions will usually win or lose together, so the combined risk is nearly double what each position size suggests.
Hedging that doesn’t hedge. Buying EUR/USD and buying USD/CHF with a −0.9 correlation mostly cancels out, leaving you paying two spreads for very little exposure. Strategies built on this are covered in our article on forex hedging.
Confirmation and divergence. When two normally correlated pairs suddenly disagree, one of them is often reacting to news specific to one currency. That shows up on the currency strength meter too.
How the correlations are calculated
We use the Pearson correlation of percentage returns, not of prices. Correlating raw prices exaggerates relationships: any two markets that trended over the same period look correlated even when their day-to-day moves are unrelated. Returns are matched by time, so only periods where both markets traded are compared.
Correlations change. A relationship that held for a year can break down in a week when interest rate expectations or risk sentiment shift, which is why the matrix shows several periods side by side. A big gap between the 1-week and 1-year values is a sign that a relationship is changing.
FAQ
Why do gold and oil have fewer data points? Our daily history for gold and oil starts in January 2026, so the 1-year figure for them covers a shorter period. The exact count is shown when you hover a cell.
What correlation is considered strong? Above 0.8 (or below −0.8) is very strong, 0.6 to 0.8 strong, 0.4 to 0.6 moderate, and anything below 0.2 is effectively none.