Central bank interest rates for forex traders

Last updated: 25 October 2026 · By Forexuro Desk · Editorial policy

Published 23 October 2026 · Reviewed by the Forexuro Desk editorial team

Policy rates at a glance

Rates as of 25 October 2026, taken from each central bank's own website (links below). Rates can change at any meeting; always check the source before relying on them.

Why central banks move currencies

A central bank sets the short term interest rate for its currency. Money tends to flow towards currencies where returns are expected to rise, so changes in expected rates, rather than the current rate alone, drive exchange rates. That is why a decision that matches expectations can still move the market if the guidance changes. See the glossary entries for central bank and interest rate differential, and the guide to interest rates and currencies.

Gold is priced in dollars and pays no interest, so it is most sensitive to the Federal Reserve: higher expected real rates tend to weigh on it.

Federal Reserve (Fed)

The Federal Open Market Committee has a dual mandate of maximum employment and stable prices, with a 2% inflation objective measured by PCE. It holds eight scheduled meetings a year; the statement comes at 2:00pm New York time and the Chair's press conference at 2:30pm.

• Federal funds rate target range: 3.75% to 4.00% as of 25 October 2026 (source)
• Last decision: 16 September 2026
• Next scheduled decision: 27 to 28 October 2026
• Most affected markets: EUR/USD, USD/JPY, XAU/USD

Read how the decision moves markets.

European Central Bank (ECB)

The ECB's primary objective is price stability, defined as 2% inflation over the medium term. The Governing Council takes monetary policy decisions about every six weeks; decisions are published at 14:15 CET with a press conference at 14:45.

• Deposit facility rate (main refinancing rate 2.65%, marginal lending 2.90%): 2.50% as of 25 October 2026 (source)
• Last decision: 10 September 2026 (effective 16 September)
• Next scheduled decision: 29 October 2026
• Most affected markets: EUR/USD, EUR/GBP

Read how the decision moves markets.

Bank of England (BoE)

The Monetary Policy Committee has nine members and a 2% CPI inflation target set by the government. It announces eight decisions a year at 12:00 UK time, four of them with the Monetary Policy Report.

• Bank Rate: 3.75% as of 25 October 2026 (source)
• Last decision: 17 September 2026 (held by a 6 to 3 vote; three members voted for 4%)
• Next scheduled decision: 5 November 2026
• Most affected markets: GBP/USD, EUR/GBP

Read how the decision moves markets.

Bank of Japan (BoJ)

The Bank of Japan targets 2% inflation. Its Policy Board meets eight times a year over two days, with no fixed release time for the decision, and publishes the Outlook Report four times a year.

• Uncollateralised overnight call rate target: Around 1.25% as of 25 October 2026 (source)
• Last decision: 18 September 2026 (raised by a 7 to 2 vote)
• Next scheduled decision: 29 to 30 October 2026
• Most affected markets: USD/JPY

Read how the decision moves markets.

Reserve Bank of Australia (RBA)

The RBA's Monetary Policy Board aims for inflation of 2 to 3%, targeting the midpoint, alongside full employment. Decisions are announced at 2:30pm Sydney time.

• Cash rate target: 4.60% as of 25 October 2026 (source)
• Last decision: 29 September 2026
• Next scheduled decision: 3 November 2026 (2:30pm Sydney time)
• Most affected markets: AUD/USD

Read how the decision moves markets.

Reserve Bank of New Zealand (RBNZ)

The RBNZ's Monetary Policy Committee targets annual CPI inflation of 1 to 3% over the medium term, with a focus on the 2% midpoint. Decisions are announced at 2pm New Zealand time.

• Official Cash Rate (OCR): 2.75% as of 25 October 2026 (source)
• Last decision: 2 September 2026
• Next scheduled decision: 28 October 2026 (2pm New Zealand time)
• Most affected markets: NZD/USD

Read how the decision moves markets.

Bank of Canada (BoC)

The Bank of Canada targets 2% inflation, the midpoint of a 1 to 3% range. It announces eight decisions a year at 9:45am Eastern time.

• Target for the overnight rate: 2.25% as of 25 October 2026 (source)
• Last decision: 2 September 2026 (held)
• Next scheduled decision: 28 October 2026, with the Monetary Policy Report; then 9 December 2026
• Most affected markets: USD/CAD

Read how the decision moves markets.

Swiss National Bank (SNB)

The SNB defines price stability as CPI inflation below 2% a year. It holds four monetary policy assessments a year and can also act in the currency market.

• SNB policy rate: 0% as of 25 October 2026 (source)
• Last decision: 24 September 2026
• Next scheduled decision: Quarterly; check the SNB calendar for the December assessment
• Most affected markets: USD/CHF

Read how the decision moves markets.

Decisions in the week of 26 October

An unusually busy week: the RBNZ and the Bank of Canada on 28 October, the Fed on 28 October (2:00pm New York time), the ECB on 29 October and the Bank of Japan on 30 October, followed by the RBA on 3 November and the Bank of England on 5 November. See the weekly forecasts for what the market is watching, and follow the free Telegram channel for updates on the day. Forexuro forex signals and gold signals always carry a stop loss, which matters most on decision days.

Sources

• Federal Reserve: open market operations; FOMC meeting calendar: https://www.federalreserve.gov/monetarypolicy/openmarket.htm and https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
• ECB: key ECB interest rates: https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html
• Bank of England: Bank Rate: https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate
• Bank of Japan: statement of 18 September 2026: https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2026/k260918a.pdf
• RBA: cash rate target; media release 26-27: https://www.rba.gov.au/statistics/cash-rate/ and https://www.rba.gov.au/media-releases/2026/mr-26-27.html
• RBNZ: monetary policy and the OCR: https://www.rbnz.govt.nz/monetary-policy
• Bank of Canada: policy interest rate: https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/
• SNB: monetary policy decisions: https://www.snb.ch/en/the-snb/mandates-goals/monetary-policy/decisions

Checked on 22, 23 and 25 October 2026; no scheduled decision took place between 23 and 25 October. This page will be updated after scheduled decisions, but the central bank's own site is always the authoritative source.

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