The cross rate refers to the currency exchange rate between two currencies, both of which are not the official currencies of the country in which the exchange rate quote is given in. This phrase is also sometimes used to refer to currency quotes which do not involve the U.S. dollar, regardless of which country the quote is provided in. In foreign exchange, the exchange rate of currencies being traded in a country that does not utilize either of those currencies. For example, a trader in Britain dealing in Mexican pesos and euros will trade them at the cross rate.