Which central banks matter most for forex?

The Federal Reserve above all, because the dollar is on one side of most turnover, followed by the ECB, Bank of Japan and Bank of England. The SNB, BoC, RBA and RBNZ drive their own currencies and the crosses built on them.

How often do central banks meet?

Most of the majors hold eight scheduled meetings a year, roughly every six weeks, though the RBA and RBNZ run their own calendars. Unscheduled emergency decisions happen in a crisis.

Why did the currency fall even though the central bank raised rates?

Because markets price expectations, not events. If a larger hike or a more hawkish tone was expected, delivering less than that is effectively dovish and the currency can sell off on a rate rise.

What is forward guidance?

Forward guidance is a central bank signalling the likely future path of policy. It often moves currencies more than the current decision, because it changes the entire expected rate curve rather than one meeting.

FX TERMINAL

Central Bank Monitor

Currencies follow central banks. The central bank monitor brings the current policy rate, the latest decision and the most recent speeches and communications from all eight major central banks — the Federal Reserve, ECB, Bank of England, Bank of Japan, SNB, Bank of Canada, RBA and RBNZ — onto one screen, so you can see which way each committee is leaning before the market reprices it.

Current central bank policy rates

As of 27 August 2026, these are the headline policy rates set by the major central banks. The widest gap among the majors tracked by FX Terminal runs from Australia at 4.35% down to Switzerland at 0.00%, a spread of 4.35%.

Current central bank policy rates — as of 27 August 2026 (percent per annum)
Country	Policy rate	Previous	Reference
Australia	4.35%	4.35%	Aug/26
United Kingdom	3.75%	3.75%	Jul/26
United States	3.75%	3.75%	Jul/26
New Zealand	2.50%	2.25%	Jul/26
Euro Area	2.40%	2.40%	Aug/26
Canada	2.25%	2.25%	Jul/26
Japan	1.00%	1.00%	Jul/26
Switzerland	0.00%	0.00%	Jun/26

Source: Central bank policy rates. Data as of 27 August 2026. This is a static snapshot taken when the page was published — open the terminal above for the live, interactive version.

Policy rates, decisions and speeches from all eight major central banks

Currencies follow central banks. This monitor gathers the current policy rate, the latest decision and the most recent speeches and statements from the Federal Reserve, European Central Bank, Bank of England, Bank of Japan, Swiss National Bank, Bank of Canada, Reserve Bank of Australia and Reserve Bank of New Zealand onto a single screen.

Seeing all eight side by side is the point: FX is a relative game, and a bank that is on hold while another is cutting is effectively tightening. The comparison view makes those divergences obvious before they show up in the exchange rate.

Reading hawkish versus dovish

A hawkish central bank is leaning towards higher rates or slower cuts, which typically supports its currency; a dovish one is leaning towards easing, which typically weakens it. The signal is rarely in the decision itself — that is usually priced — but in the language of the statement, the vote split, the projections and the speeches that follow.

Confirm what you read here against market pricing in rate differentials and FedWatch probabilities, and against bond yields, which reprice on expectations long before a bank actually moves.

Frequently asked questions

Which central banks matter most for forex?: The Federal Reserve above all, because the dollar is on one side of most turnover, followed by the ECB, Bank of Japan and Bank of England. The SNB, BoC, RBA and RBNZ drive their own currencies and the crosses built on them.
How often do central banks meet?: Most of the majors hold eight scheduled meetings a year, roughly every six weeks, though the RBA and RBNZ run their own calendars. Unscheduled emergency decisions happen in a crisis.
Why did the currency fall even though the central bank raised rates?: Because markets price expectations, not events. If a larger hike or a more hawkish tone was expected, delivering less than that is effectively dovish and the currency can sell off on a rate rise.
What is forward guidance?: Forward guidance is a central bank signalling the likely future path of policy. It often moves currencies more than the current decision, because it changes the entire expected rate curve rather than one meeting.

Related tools

Data sources

FX Terminal provides free market research and analysis for informational purposes only. Nothing here is investment advice or a recommendation to trade. Trading forex carries a high level of risk.