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Market Correlation Cheat Sheet
Your complete reference guide to correlations between Forex pairs, Stock Indices, Commodities, and Bonds for strategic trading decisions.
Forex Pairs
Currency correlations
28+ Pairs
Commodities
Oil, Gold, Silver & more
Key Assets
Stock Indices
Global market indices
Major Markets
Government Bonds
Yield relationships
10Y Yields
Correlation Strength Guide
+0.8 to +1.0
Strong Positive
+0.5 to +0.8
Moderate Positive
+0.2 to +0.5
Weak Positive
-0.2 to +0.2
No Correlation
-0.5 to -0.2
Weak Negative
-0.8 to -0.5
Moderate Negative
-1.0 to -0.8
Strong Negative
Major Forex Pair Correlations
| Pair 1 | Pair 2 | Correlation | Relationship Explanation |
|---|---|---|---|
| EUR/USD | GBP/USD | +0.85 | Both driven by USD strength/weakness, European economic ties |
| EUR/USD | USD/CHF | -0.92 | Perfect inverse relationship due to USD being base vs quote |
| AUD/USD | NZD/USD | +0.88 | Both commodity currencies, similar economic structures |
| GBP/JPY | EUR/JPY | +0.75 | Both JPY crosses, risk-on/risk-off sentiment |
| USD/JPY | USD/CHF | +0.68 | Both safe haven currencies vs USD |
| EUR/GBP | GBP/USD | -0.35 | EUR strength often coincides with GBP weakness |
Commodity & Currency Correlations
🛢️ Crude Oil (WTI/Brent)
| USD/CAD | -0.82 | Canada is major oil exporter |
| USD/NOK | -0.78 | Norway is major oil producer |
| USD/RUB | -0.65 | Russia major oil exporter |
| AUD/USD | +0.25 | Risk-on sentiment correlation |
🥇 Gold (XAU/USD)
| USD Index | -0.85 | Gold priced in USD, inverse relationship |
| AUD/USD | +0.72 | Australia is major gold producer |
| US 10Y Yield | -0.68 | Gold doesn't pay interest |
| Silver | +0.88 | Precious metals move together |
Stock Index Correlations
| Index 1 | Index 2 | Correlation | Notes |
|---|---|---|---|
| S&P 500 | NASDAQ | +0.92 | Both US indices, tech heavy |
| S&P 500 | FTSE 100 | +0.76 | Global equity correlation |
| Nikkei 225 | USD/JPY | +0.65 | Weak yen boosts exports |
| DAX 30 | EUR/USD | -0.28 | Weak EUR helps German exports |
| ASX 200 | AUD/USD | +0.58 | Risk-on sentiment correlation |
Government Bond Yield Correlations
🇺🇸 US 10Y Treasury Yield
USD/JPY
+0.82
EUR/USD
-0.71
Gold
-0.68
S&P 500
-0.35
🇩🇪 German 10Y Bund Yield
EUR/USD
+0.62
US 10Y Yield
+0.78
DAX 30
-0.25
EUR/CHF
+0.32
Risk-On vs Risk-Off Correlations
📈 Risk-On Assets (Positive Correlation)
AUD/USD & NZD/USD
+0.88
Stock Indices & Oil
+0.65
EUR/JPY & GBP/JPY
+0.75
Copper & AUD/USD
+0.72
📉 Risk-Off Assets (Negative Correlation)
Gold & US Dollar Index
-0.85
US 10Y Yield & Gold
-0.68
USD/JPY & USD/CHF
+0.68
AUD/USD & Gold
+0.72