Free data · rates · priced as of 12 November 2026

Interest rate differentials: every G10 pair

As of 12 November 2026, the widest interest rate differential among the 28 G10 pairs is AUD/CHF, at +485 bp (RBA against SNB). The biggest priced change over six months is AUD/NZD: −65 bp, towards the New Zealand dollar.

The rate spread on 28 pairs, widest first

Pair	Banks	Gap now	In 6 months	In 12 months	Carry with
AUD/CHF	RBA vs SNB	+485 bp	+459 bp	+416 bp	the Australian dollar
USD/CHF	Fed vs SNB	+400 bp	+437 bp	n/a	the US dollar
GBP/CHF	BoE vs SNB	+400 bp	+431 bp	+426 bp	the pound
AUD/JPY	RBA vs BoJ	+360 bp	+317 bp	+277 bp	the Australian dollar
USD/JPY	Fed vs BoJ	+275 bp	+295 bp	n/a	the US dollar
GBP/JPY	BoE vs BoJ	+275 bp	+289 bp	+286 bp	the pound
NZD/CHF	RBNZ vs SNB	+275 bp	+314 bp	+318 bp	the New Zealand dollar
EUR/CHF	ECB vs SNB	+250 bp	+271 bp	+266 bp	the euro
CAD/CHF	BoC vs SNB	+250 bp	+262 bp	+264 bp	the Canadian dollar
EUR/AUD	ECB vs RBA	−235 bp	−188 bp	−151 bp	the Australian dollar
AUD/CAD	RBA vs BoC	+235 bp	+197 bp	+152 bp	the Australian dollar
AUD/NZD	RBA vs RBNZ	+210 bp	+145 bp	+99 bp	the Australian dollar
EUR/USD	ECB vs Fed	−150 bp	−166 bp	n/a	the US dollar
USD/CAD	Fed vs BoC	+150 bp	+175 bp	n/a	the US dollar
EUR/GBP	ECB vs BoE	−150 bp	−159 bp	−160 bp	the pound
GBP/CAD	BoE vs BoC	+150 bp	+169 bp	+161 bp	the pound
NZD/JPY	RBNZ vs BoJ	+150 bp	+172 bp	+178 bp	the New Zealand dollar
NZD/USD	RBNZ vs Fed	−125 bp	−123 bp	n/a	the US dollar
EUR/JPY	ECB vs BoJ	+125 bp	+129 bp	+126 bp	the euro
GBP/NZD	BoE vs RBNZ	+125 bp	+117 bp	+108 bp	the pound
CAD/JPY	BoC vs BoJ	+125 bp	+120 bp	+125 bp	the Canadian dollar
CHF/JPY	SNB vs BoJ	−125 bp	−142 bp	−140 bp	the yen
AUD/USD	RBA vs Fed	+85 bp	+22 bp	n/a	the Australian dollar
GBP/AUD	BoE vs RBA	−85 bp	−28 bp	+9 bp	the Australian dollar
EUR/NZD	ECB vs RBNZ	−25 bp	−43 bp	−52 bp	the New Zealand dollar
NZD/CAD	RBNZ vs BoC	+25 bp	+52 bp	+54 bp	the New Zealand dollar
GBP/USD	BoE vs Fed	0 bp	−6 bp	n/a	neither
EUR/CAD	ECB vs BoC	0 bp	+10 bp	+1 bp	neither

Gap is the first currency's policy rate minus the second's. n/a in 12 months means one of the two curves stops short of that date (the Fed curve reaches July 2027). Market pricing, not a forecast. Each bank's own odds: central bank rate probability.

Questions

Which currency pair has the widest interest rate differential?

What is an interest rate differential in forex?

The gap between the policy rates of the two central banks behind a pair. Money tends to favour the currency that pays more after inflation, and the gap is what the carry trade collects. What moves a pair is usually the change in the priced gap, not its level, which is why each page shows it six and twelve months out.

Where do the priced rates come from?

From each bank's market-implied path: the rate implied after its last meeting on or before each horizon, from the futures or swaps behind it. A curve that stops short of a horizon gives no figure for it. The same paths are on each bank's rate expectations page.

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