The Forex market is influenced by a wide range of fundamental factors, but the most crucial is the interest rate differential between two currencies. This differential drives the swap rate values, which play a significant role in swing trading and are especially important in long-term carry trading.
Interest Rates
Interest rates are a key factor in Forex trading. Traders should closely monitor interest rates and important dates when these rates might change, as such changes can significantly impact currency values and trading strategies.
Table: Interest Rates around the world
| Major Central Banks | Current Interest Rate | Next Meeting |
| Federal Reserve | 0.25% | 9-16-2020 - 18:00 |
| European Central Bank | 0.00% | 9-10-2020 - 11:45 |
| Bank of England | 0.10% | 8-6-2020 - 06:00 |
| Swiss National Bank | -0.75% | 9-24-2020 - 07:30 |
| Bank of Japan | -0.10% | 9-17-2020 - 03:00 |
| Bank of Canada | 0.25% | 9-9-2020 - 14:00 |
| Reserve Bank of Australia | 0.25% | 8-4-2020 - 04:30 |
| Reserve Bank of New Zealand | 0.25% | 8-12-2020 - 02:00 |
| Other Countries / Central Banks | Current Interest Rate | |
| China | 3.85% | |
| India | 4.00% | |
| Russia | 4.25% | |
| Mexico | 5.00% | |
| Sweden | 0.00% | |
| Poland | 0.10% | |
| Norway | 0.00% | |
| South Africa | 3.50% | |
| Turkey | 8.25% |
Forex Swap Rates (Dukascopy)
A swap rate, also known as a rollover fee, is charged when a Forex trader holds a position open overnight. The swap reflects the interest rate differential between the two currencies involved in the trade. It has two values—one for long positions and another for short positions. Below is a table showing the Forex swap rates from the Swiss ECN Forex broker Dukascopy.
Table: Forex SWAP rate values coming from the Swiss ECN Broker Dukascopy
|
Forex Instrument |
Long (USD) | Short (USD) | Long (pips) | Short (pips) |
| AUD/CAD | -0.02 | -0.02 | -0.25 | -0.21 |
| AUD/CHF | 0 | -0.03 | 0.02 | -0.26 |
| AUD/JPY | -0.01 | -0.02 | -0.14 | -0.21 |
| AUD/NZD | -0.02 | -0.01 | -0.29 | -0.22 |
| AUD/SGD | -0.02 | -0.01 | -0.26 | -0.2 |
| AUD/USD | -0.02 | -0.01 | -0.21 | -0.11 |
| CAD/CHF | 0 | -0.04 | -0.04 | -0.35 |
| CAD/HKD | -0.05 | -0.04 | -4.08 | -2.98 |
| CAD/JPY | -0.02 | -0.03 | -0.2 | -0.31 |
| CHF/JPY | -0.04 | -0.01 | -0.44 | -0.06 |
| CHF/SGD | -0.05 | 0 | -0.7 | 0.02 |
| EUR/AUD | -0.04 | -0.01 | -0.63 | -0.08 |
| EUR/CAD | -0.05 | 0 | -0.63 | -0.04 |
| EUR/CHF | -0.01 | -0.02 | -0.09 | -0.19 |
| EUR/CZK | -0.06 | -0.03 | -1.32 | -0.78 |
| EUR/DKK | -0.04 | -0.03 | -2.29 | -1.67 |
| EUR/GBP | -0.04 | 0 | -0.33 | -0.03 |
| EUR/HKD | -0.08 | -0.01 | -6.21 | -1.06 |
| EUR/HUF | -0.04 | -0.05 | -1.3 | -1.43 |
| EUR/JPY | -0.04 | -0.01 | -0.38 | -0.08 |
| EUR/NOK | -0.05 | -0.01 | -4.36 | -1.35 |
| EUR/NZD | -0.05 | 0 | -0.73 | -0.02 |
| EUR/PLN | -0.05 | -0.01 | -1.92 | -0.43 |
| EUR/RUB | -0.19 | 0.12 | -142.88 | 86.93 |
| EUR/SEK | -0.04 | -0.02 | -3.8 | -1.71 |
| EUR/SGD | -0.05 | -0.01 | -0.74 | -0.11 |
| EUR/TRY | -0.35 | 0.22 | -24.18 | 15.46 |
| EUR/USD | -0.05 | 0.01 | -0.48 | 0.06 |
| GBP/AUD | -0.02 | -0.03 | -0.35 | -0.36 |
| GBP/CAD | -0.03 | -0.02 | -0.37 | -0.3 |
| GBP/CHF | 0.01 | -0.05 | 0.05 | -0.46 |
| GBP/JPY | -0.02 | -0.03 | -0.19 | -0.32 |
| GBP/NZD | -0.03 | -0.02 | -0.44 | -0.31 |
| GBP/USD | -0.03 | -0.02 | -0.32 | -0.16 |
| HKD/JPY | 0 | -0.01 | -1.47 | -5.92 |
| NZD/CAD | -0.01 | -0.02 | -0.2 | -0.22 |
| NZD/CHF | 0 | -0.03 | 0.02 | -0.28 |
| NZD/JPY | -0.01 | -0.02 | -0.1 | -0.22 |
| NZD/USD | -0.02 | -0.01 | -0.17 | -0.13 |
| SGD/JPY | -0.02 | -0.04 | -0.26 | -0.38 |
| TRY/JPY | 0.02 | -0.04 | 0.26 | -0.44 |
| USD/CAD | -0.02 | -0.03 | -0.25 | -0.37 |
| USD/CHF | 0.01 | -0.05 | 0.07 | -0.44 |
| USD/CNH | -0.08 | 0.02 | -5.58 | 1.38 |
| USD/CZK | -0.03 | -0.06 | -0.72 | -1.29 |
| USD/DKK | -0.01 | -0.05 | -0.7 | -3.09 |
| USD/HKD | -0.05 | -0.04 | -3.89 | -3.09 |
| USD/HUF | -0.03 | -0.06 | -0.85 | -1.78 |
| USD/ILS | -0.04 | -0.05 | -1.29 | -1.78 |
| USD/JPY | -0.01 | -0.03 | -0.11 | -0.34 |
| USD/MXN | -0.16 | 0.1 | -36.92 | 22.23 |
| USD/NOK | -0.02 | -0.04 | -2.19 | -3.83 |
| USD/PLN | -0.03 | -0.04 | -1 | -1.48 |
| USD/RON | -0.85 | -0.34 | -3.51 | -1.41 |
| USD/RUB | -0.14 | 0.08 | -105.03 | 55.89 |
| USD/SEK | -0.02 | -0.04 | -1.5 | -3.77 |
| USD/SGD | -0.03 | -0.03 | -0.36 | -0.46 |
| USD/THB | -0.6 | -0.6 | -18.73 | -18.73 |
| USD/TRY | -0.28 | 0.16 | -19.44 | 11.06 |
| USD/ZAR | -0.13 | 0.08 | -23.31 | 13.04 |
| ZAR/JPY | 0 | -0.01 | 0.05 | -0.09 |
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■ Interest Rates and Forex SWAP values
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