Central Bank Interest Rates

What this table shows

The policy rate is the main interest rate each central bank sets: the Fed funds target, the ECB’s deposit facility rate, Bank Rate in the UK, the Bank of Japan’s short-term policy rate, the Bank of Canada’s overnight rate target, the RBA’s cash rate target, the RBNZ’s Official Cash Rate and the SNB policy rate. The table shows each one, its last change and a countdown to the bank’s next scheduled decision. It updates automatically from the Bank for International Settlements’ official central bank policy rate data.

Why rate differentials matter

The gap between two currencies’ interest rates is one of the long-run drivers of a currency pair. Holding the higher-yielding currency against the lower-yielding one earns the difference (this is the “carry”), which is why changes in the expected path of rates can move a pair before a central bank actually acts. The matrix shows the differential for every pair: read across from the first currency, so the AUD row and JPY column shows the AUD rate minus the JPY rate, which is roughly what an AUD/JPY long earns before costs. Your broker’s swap rates also include its own fees, so they won’t match exactly.

Upcoming decisions

Every bank’s full schedule, with countdowns in your time zone, is on our central bank meeting dates page, and the inflation and jobs data that shape each decision are on the economic calendar. To see how speculators are positioned in each currency, check the COT report dashboard.

Data: Bank for International Settlements, central bank policy rates. The Fed sets a target range; the BIS publishes its midpoint, so we show the range around it. Always check the central bank’s own announcement for the official rate. ChartWatch is independent and doesn’t give trading advice.

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