Central bank interest rates

This page lists the current policy rate for each of the eight major central banks, when each last decided and last changed, and the interest rate differential for every major forex pair. Use the differentials to see which pairs have the widest carry gap, and the decision dates to see when that gap might change.

01 —— Policy rates

02 —— Interest rate differentials, 28 pairs

Why policy rates move currencies

A central bank's policy rate sets the return on holding that currency in the short term. When one bank pays more than another, capital tends to favour the higher-yielding currency, and expectations of future moves matter as much as the current level. That is why rate decisions and the language around them are among the biggest scheduled events in forex.

The interest rate differential is simply the base currency's rate minus the quote currency's. A positive differential means you are long the higher-yielding side when you buy the pair. Large differentials support trends; a narrowing gap can undermine them.

Reading the tables

The first table shows each bank's current rate, the date of its last decision, the most recent decision that actually changed the rate and by how much, and the next scheduled meeting. Where no change appears in the stored decisions, the table says how long the rate has held.

The differential table covers all 28 pairs and can be sorted. Sort by size to find the widest gaps, or by pair to look up a specific cross. Remember that a differential is a level; markets price expected changes, so a pair can move against a wide differential when one bank is expected to cut.

Which rate is used

Some banks publish more than one rate or a range. For the US the upper bound of the federal funds target range is used, for the euro the ECB's main refinancing rate, and for Japan the ceiling of the Bank of Japan's target. These choices are fixed so that differentials stay comparable over time.

How StraviaX calculates this

Each policy rate is taken from the most recent rate-decision result recorded on the economic calendar, applied through a fixed rule for each currency: federal funds upper bound, ECB main refinancing rate, Bank Rate, BoJ policy-rate ceiling, Bank of Canada overnight target, RBA cash rate target, RBNZ official cash rate and SNB policy rate. Only events whose title is that bank's actual decision can set a level; statements, minutes and vote counts never do, and implausible moves are flagged for review rather than written.

The level is re-confirmed nightly, and the date shown above the tables is the latest confirmation. Last change is the most recent stored decision whose result differed from the previous level. Differentials are base rate minus quote rate in percentage points.

Inside the scoring model, a differential above 0.50 percentage points counts in the base currency's favour and above 1.50 counts strongly; the same applies in reverse below −0.50 and −1.50.

Frequently asked questions

What are the current central bank interest rates?

The table above lists the current policy rate for the Fed, ECB, Bank of England, Bank of Japan, RBA, RBNZ, Bank of Canada and SNB, with each bank's last and next decision dates.

What is an interest rate differential in forex?

The difference between the policy rates of the two currencies in a pair. It shows which side pays more to hold and is one of the main long-run drivers of exchange rates.

Which forex pairs have the biggest interest rate differential?

Sort the differential table by size. The widest gaps usually pair a high-rate currency with a low-rate one such as the yen or Swiss franc.

When do central banks announce rate decisions?

Each bank meets on a published schedule, typically six to eight times a year. The next meeting for each bank is shown in the policy-rate table.

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For information only, not investment advice. See the disclaimer.