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When dealing directly to it, trading currency is all about matching strong currencies and weak currencies.


Just find a country that has weak fundamental act of looking out or maybe a distressfully political situation, and then suitably associate it with a country with better fundamentals (i.e.  Growing trade surplus, rising employment etc) or maybe a strong political outlook, then you can pair up their currencies all together to make a smart directional trade.


So, why a professional trader like your self would, trade a currency cross as a substitute of matching either the EUR or the GBP with the USD? 

After the interest rate revealed, you know the act of looking out on the Euro is weaker and the the act of looking out at the GBP is stronger, why don’t you just go short EURGBP?  By performing this trade you get rid of the event where the chance of loss of upcoming US data, in addition you get a positive carry on your position!


Here’s how you may go short on EURGBP using this analysis:

 

 

Just like you see from this chart, you shorted at 0.6650 an hour or so just after the interest rates decisions were publicly known, you have catched the slow and stable move to 0.6600, and possibly more until fundamentals change for any of  the Euro or the Pound.


Again, this is just an example of combining weak with almost stronger currencies. With six major currency pairs other than the US dollar, there are a lot of possibilities to find winning trades, and get away from erratic volatility with the US dollar.
 
 
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