Come back to few years ago.
Then, whenever someone wanted to change currencies, they would first have to convert their currencies into U.S. dollars, and only then could they convert their dollars into the currency they desired.
Then, whenever someone wanted to change currencies, they would first have to convert their currencies into U.S. dollars, and only then could they convert their dollars into the currency they desired.
For example, if a person wanted to change their U.K. sterling into
Japanese yen, they would first have to convert their sterling into U.S.
dollars, and then convert these dollars into yen.
Whenever the currency crosses invented, individuals can now bypass
the process of converting their currencies into US dollars and simply convert
it directly into their desired currency. Some examples of crosses include:
GBP/JPY, EUR/JPY, EUR/CHF, and EUR/GBP.