The Forex market includes a wide variety of key fundamental variables, but the interest rate differential between two currencies is the most crucial. The interest rate differential is behind the swap rate values that play a major role in swing trading and especially in long-term carry trading.
Interest Rates
Interest rates are very important for Forex trading. Forex traders must always keep an eye on the interest rates and significant dates that these rates may change.
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 or else a rollover fee is charged when a Forex trader maintains his position open overnight. A Forex swap represents the interest rate differential between the two currencies and includes two values, one for long and one for short positions. In the bellow table, the Forex SWAP rate values of 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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