Rate differentials · RBA vs SNB · priced as of 12 November 2026
AUD/CHF interest rate differential: RBA vs SNB
As of 12 November 2026, the AUD/CHF interest rate differential is +485 bp: the RBA's cash rate at 4.85% against the SNB's policy rate at 0.00%, in favour of the Australian dollar. Markets price the gap at +459 bp in six months and +416 bp in twelve.
Over the next six months, markets price the gap to move −26 bp over six months, towards the Swiss franc. That six-month gap has moved +13 bp in a month.
The rate spread, now and priced ahead
| RBA (AUD) | SNB (CHF) | Gap | |
|---|---|---|---|
| Policy rate now | 4.85% | 0.00% | +485 bp |
| Priced in 6 months | 4.88% | 0.29% | +459 bp |
| Priced in 12 months | 4.68% | 0.51% | +416 bp |
| 6-month gap a month ago | 4.82% | 0.36% | +446 bp |
The gap is AUD minus CHF, in basis points (100 bp is one percentage point). Six and twelve months out is the rate implied after each bank's last meeting on or before that date. Market pricing, not a forecast. Each bank's meeting-by-meeting odds: RBA · SNB.
The carry on AUD/CHF
The Australian dollar: the RBA pays 4.85% against 0.00%, a gap of +485 bp. Holding the higher-yielding currency against the lower earns roughly that gap a year before costs, which is what the carry trade collects; a move in the exchange rate can outweigh it.
How the gap feeds the exchange rate, and when it does not: rate differentials explained and the carry trade explained.
Questions
What is the AUD/CHF interest rate differential?
As of 12 November 2026, the AUD/CHF interest rate differential is +485 bp: the RBA's cash rate at 4.85% against the SNB's policy rate at 0.00%, in favour of the Australian dollar. Markets price the gap at +459 bp in six months and +416 bp in twelve.
Is the RBA–SNB gap priced to widen or narrow?
Markets price the gap to move −26 bp over six months, towards the Swiss franc, from +485 bp now to +459 bp. A month ago (13 October) the same six-month gap was priced at +446 bp, so it has moved +13 bp since. That is market pricing, not a forecast.
Which side of AUD/CHF has the carry?
The Australian dollar: the RBA pays 4.85% against 0.00%, a gap of +485 bp. Holding the higher-yielding currency against the lower earns roughly that gap a year before costs, which is what the carry trade collects; a move in the exchange rate can outweigh it.
Where does this pricing come from?
Each bank's priced path comes from the market instrument behind it: Exchange-traded futures, WatchTower model for RBA, Exchange-traded futures, WatchTower model for SNB. The rate six or twelve months out is the one implied after the last meeting on or before that date. The month-ago figure is from our daily snapshot of the same curves.
More on AUD/CHF: AUD/CHF analysis · AUD/CHF retail sentiment · AUD/CHF seasonality · Australian Dollar outlook · Australian Dollar COT positioning · RBA rate expectations · Australian economic surprises · Swiss Franc outlook · Swiss Franc COT positioning · SNB rate expectations · Swiss economic surprises
Other rate differentials: USD/CHF +400 bp · AUD/USD +85 bp · EUR/CHF +250 bp · EUR/AUD −235 bp · GBP/CHF +400 bp · GBP/AUD −85 bp · AUD/JPY +360 bp · AUD/NZD +210 bp · AUD/CAD +235 bp · CHF/JPY −125 bp · all 28
In WatchTower Terminal, the Rate spread panel draws the AUD/CHF gap against the price. Nothing here is financial advice.