Euro FX Futures Contract Specifications (6E)
CME euro futures are 125,000 euros against the dollar. One tick is 0.00005, worth $6.25. It is the most liquid currency future in the world and the benchmark for FX futures pricing.
Specifications
| Contract unit | 125K € |
| Exchange | CME |
| Symbol | 6E |
| Tick size | 0.00005 |
| Tick value | $6.25 |
| Point value | $125,000.00 |
| Delivery months | H,M,U,Z |
Margin is set by the exchange and your broker. Currency futures carry lower margin than commodity contracts relative to notional, but the leverage is correspondingly higher — see the margin calculator.
Reading the tick value
6E quotes in US dollars per euro to four decimals — 1.0850 means $1.0850 per euro. One tick is the fourth decimal (0.0001) split in half, so 0.00005. On 125,000 euros that is $6.25.
| Move | Ticks | Per contract |
|---|---|---|
| 1.08500 → 1.08505 | 1 | $6.25 |
| 1.08500 → 1.08600 | 20 (one "pip") | $125.00 |
| 1.08500 → 1.09500 | 200 (one big figure) | $1,250.00 |
FX traders say "pip", futures traders say "tick". One pip in EUR/USD is 0.0001 — two futures ticks — worth $12.50 on 6E. If you convert from spot FX terminology, halve the pip count to get futures ticks.
The full FX complex
| Contract | Symbol | Unit | Tick value |
|---|---|---|---|
| Euro FX | 6E | 125,000 € | $6.25 |
| Japanese Yen | 6J | 12.5 million ¥ | $6.25 |
| British Pound | 6B | 62,500 £ | $6.25 |
| Swiss Franc | 6S | 125,000 CHF | $12.50 |
| Australian Dollar | 6A | 100,000 AUD | $5.00 |
| Canadian Dollar | 6C | 100,000 CAD | $5.00 |
| Micro EUR/USD | M6E | 12,500 € | $1.25 |
Most majors are deliberately sized to a $6.25 tick so that a $6.25 increment is the common unit across the complex. AUD and CAD are the exceptions at $5.00.
Why the euro future exists alongside spot FX
- Central clearing — no counterparty risk to a broker, which matters for large positions
- Transparency — exchange-traded volume and open interest are public, unlike the OTC market
- No overnight swap — spot FX charges or pays rollover each night; futures embed the interest differential in the price
- Defined expiry — quarterly contracts with a known settlement, useful for hedging
The trade-off is liquidity fragmentation across quarterly months and a spread that is usually wider than the best spot FX quote.
What moves EUR/USD
- Rate differentials — the ECB versus the Fed policy path is the dominant driver
- Inflation divergence — relative CPI changes expectations for those paths
- Energy prices — the euro area imports energy, so a gas spike is a euro negative
- Risk sentiment — the dollar is the safe-haven side of the pair
More currencies contracts
- British Pound (6B) — 62,500 £, $6.25 per tick
- Japanese Yen (6J) — 12.5 mil ¥, $6.25 per tick
- E-mini Euro FX (E7) — 62,500 €, $6.25 per tick
- E-mini Japanese Yen (J7) — 6.25 mil ¥, $6.25 per tick
- Australian Dollar (6A) — 100,000 AUD, $5 per tick
- Canadian Dollar (6C) — 100,000 $, $5 per tick
Full list: all 135 contract specifications.
Frequently asked
How much is one tick in 6E?
$6.25 per contract (125,000 € × 0.00005).
How much is one pip?
One pip is 0.0001 — two futures ticks — worth $12.50 on 6E.
Do currency futures pay interest?
No overnight swap is charged. The interest rate differential between the two currencies is embedded in the futures price, which is why the far-dated contract trades away from spot.