Rate differentials · RBNZ vs SNB · priced as of 12 November 2026
NZD/CHF interest rate differential: RBNZ vs SNB
As of 12 November 2026, the NZD/CHF interest rate differential is +275 bp: the RBNZ's OCR at 2.75% against the SNB's policy rate at 0.00%, in favour of the New Zealand dollar. Markets price the gap at +314 bp in six months and +318 bp in twelve.
Over the next six months, markets price the gap to move +39 bp over six months, towards the New Zealand dollar. That six-month gap has moved −5 bp in a month.
The rate spread, now and priced ahead
| RBNZ (NZD) | SNB (CHF) | Gap | |
|---|---|---|---|
| Policy rate now | 2.75% | 0.00% | +275 bp |
| Priced in 6 months | 3.43% | 0.29% | +314 bp |
| Priced in 12 months | 3.69% | 0.51% | +318 bp |
| 6-month gap a month ago | 3.55% | 0.36% | +319 bp |
The gap is NZD 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: RBNZ · SNB.
The carry on NZD/CHF
The New Zealand dollar: the RBNZ pays 2.75% against 0.00%, a gap of +275 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 NZD/CHF interest rate differential?
As of 12 November 2026, the NZD/CHF interest rate differential is +275 bp: the RBNZ's OCR at 2.75% against the SNB's policy rate at 0.00%, in favour of the New Zealand dollar. Markets price the gap at +314 bp in six months and +318 bp in twelve.
Is the RBNZ–SNB gap priced to widen or narrow?
Markets price the gap to move +39 bp over six months, towards the New Zealand dollar, from +275 bp now to +314 bp. A month ago (13 October) the same six-month gap was priced at +319 bp, so it has moved −5 bp since. That is market pricing, not a forecast.
Which side of NZD/CHF has the carry?
The New Zealand dollar: the RBNZ pays 2.75% against 0.00%, a gap of +275 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 RBNZ, 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 NZD/CHF: NZD/CHF analysis · NZD/CHF retail sentiment · NZD/CHF seasonality · New Zealand Dollar outlook · New Zealand Dollar COT positioning · RBNZ rate expectations · New Zealand economic surprises · Swiss Franc outlook · Swiss Franc COT positioning · SNB rate expectations · Swiss economic surprises
Other rate differentials: USD/CHF +400 bp · NZD/USD −125 bp · EUR/CHF +250 bp · EUR/NZD −25 bp · GBP/CHF +400 bp · GBP/NZD +125 bp · AUD/NZD +210 bp · AUD/CHF +485 bp · NZD/JPY +150 bp · CHF/JPY −125 bp · all 28
In WatchTower Terminal, the Rate spread panel draws the NZD/CHF gap against the price. Nothing here is financial advice.