The eight central banks that move global markets
Federal Reserve, ECB, Bank of England, Bank of Japan, RBA, RBNZ, SNB and Bank of Canada — independent coverage of policy rates, meeting calendars, framework and what each move means for FX, rates and risk assets.
Monetary policy is the single biggest macro driver of FX direction. We track the current policy rate, next scheduled decision, statement language and recent actions for the eight G10 central banks. No broker affiliations, no paywalls. The pages update at every meeting.
Federal Reserve
Fed · Federal Funds Target Rate
The Federal Reserve runs the world's most-watched monetary policy. The Federal Open Market Committee (FOMC) meets 8 times per year to set the Fed Funds target rate. Statement language, the SEP / dot plot, and Chair Powell's press conference drive global FX, rates and equities for weeks.
European Central Bank
ECB · Deposit Facility Rate
The ECB sets monetary policy for the 20 eurozone countries via the Governing Council, meeting 8 times per year. The deposit facility rate is the policy anchor. President Lagarde's press conference at 12:45 UTC after each statement carries most of the market reaction.
Bank of England
BoE · Bank Rate
The Bank of England runs UK monetary policy via the 9-member Monetary Policy Committee (MPC). Bank Rate is the policy anchor. Voting splits and the Monetary Policy Report (4 of 8 meetings) carry the biggest market reactions. The MPC has historically been a leading central bank in tightening and cutting cycles.
Bank of Japan
BoJ · Policy-Rate Balance
The Bank of Japan ended the world's last negative-rate regime in March 2024 and continues gradual normalisation. The Policy Board meets 8 times per year. Ueda's statements at 03:00-05:00 UTC drive USD/JPY and JPY crosses 1-3% on surprise outcomes. The BoJ remains the dominant catalyst for global carry trade unwinds.
Reserve Bank of Australia
RBA · Cash Rate
The Reserve Bank of Australia runs Australian monetary policy via the Reserve Bank Board, meeting 8 times per year post-2024 governance review. The Cash Rate is the policy anchor. Quarterly Statements on Monetary Policy (SoMP) carry biggest market reactions. RBA frequently leads global cycle turns.
Reserve Bank of New Zealand
RBNZ · Official Cash Rate (OCR)
The RBNZ was the first major central bank to start cutting in August 2024 — a cycle leader. The OCR is the policy anchor. The Monetary Policy Statement (4 of 7 meetings) publishes the OCR track. Statement language and the OCR projection carry the biggest market reactions.
Swiss National Bank
SNB · SNB Policy Rate
The Swiss National Bank meets only 4 times per year, the slowest cadence among G10. Active FX intervention is a recurring backdrop — the SNB regularly absorbs CHF strength via market operations. Policy rate cuts have driven CHF weaker through 2024-26 as inflation normalised.
Bank of Canada
BoC · Overnight Rate Target
The Bank of Canada was one of the earliest G10 cutters in the 2024 cycle. Overnight Rate is the policy anchor. The Monetary Policy Report (4 of 8 meetings) drives biggest market reactions. BoC decisions heavily influenced by crude oil prices and US Fed coordination.
The rate differential is the macro engine of FX
Currency pairs ultimately price the relative rate path of two central banks. EUR/USD is the ECB-Fed spread. USD/JPY is the Fed-BoJ spread. AUD/JPY is the RBA-BoJ spread. Track each bank individually and you see the cross before it moves. We publish new analysis at each meeting and overlay live data on FX briefs.