A cross currency pair is an FX pair that does not include the US dollar, such as EUR/GBP or AUD/NZD, and it is used to trade the relative value of two non-USD currencies.
Credit spreads measure the extra yield investors demand to hold corporate or riskier debt over safer benchmarks, and they are widely used as a barometer of risk appetite and financial stress.
Correlation describes how closely two instruments move in relation to each other over a period of time, and it can strengthen or break down as market regimes change.
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