A cross currency pair is a currency pair that does not involve the US dollar as one of its components. These pairs often include major currencies such as the euro (EUR), the British pound (GBP), or the Japanese yen (JPY) paired with each other. Trading in cross currency pairs allows investors to speculate on the relative strength of one currency against another without the US dollar's influence. Common examples include EUR/GBP, AUD/NZD, and GBP/JPY.