Interest Rate Differential Table & Carry Calculator
The current central-bank policy rate for every major currency, the full differential matrix across all majors, and a calculator that shows which side of a pair earns the carry. Updated daily · rates as of June 18, 2026.
Carry calculator
US Dollar carries the higher policy rate (3.75% vs 2.25%). Going long USD/EUR earns positive carry (swap); the opposite side pays it.
This is the current policy-rate gap. Markets price the expected path, which can move a pair before any rate change lands — why the expected gap matters more.
Current policy rates
Differential matrix (row − column, percentage points)
| Base \ Quote | USD | EUR | GBP | JPY | CHF | AUD | CAD | NZD |
|---|---|---|---|---|---|---|---|---|
| USD | — | +1.50 | 0.00 | +2.75 | +3.75 | -0.60 | +1.50 | +1.50 |
| EUR | -1.50 | — | -1.50 | +1.25 | +2.25 | -2.10 | 0.00 | 0.00 |
| GBP | 0.00 | +1.50 | — | +2.75 | +3.75 | -0.60 | +1.50 | +1.50 |
| JPY | -2.75 | -1.25 | -2.75 | — | +1.00 | -3.35 | -1.25 | -1.25 |
| CHF | -3.75 | -2.25 | -3.75 | -1.00 | — | -4.35 | -2.25 | -2.25 |
| AUD | +0.60 | +2.10 | +0.60 | +3.35 | +4.35 | — | +2.10 | +2.10 |
| CAD | -1.50 | 0.00 | -1.50 | +1.25 | +2.25 | -2.10 | — | 0.00 |
| NZD | -1.50 | 0.00 | -1.50 | +1.25 | +2.25 | -2.10 | 0.00 | — |
Each cell is the base (row) policy rate minus the quote (column) rate. A positive, green number means the base currency out-yields the quote and earns carry when held long. Tap any cell for that pair's differential and carry direction.
Differentials by pair
Understand the differential
Frequently asked
What is an interest rate differential in forex?
It is the gap between the central-bank policy rates of the two countries in a currency pair. Because capital tends to flow toward the higher yield, the currency with the higher relative rate tends to attract demand. The differential is one of the strongest structural forces behind a pair, which is why traders track the gap between central-bank policy paths so closely.
How do I calculate the interest rate differential between two currencies?
Subtract the quote currency’s policy rate from the base currency’s policy rate. For example, if the base currency pays 4.50% and the quote currency pays 0.50%, the differential is +4.00 percentage points in favour of the base currency. The calculator above does this for any pair of the eight majors using the latest published rates.
Which currency earns positive carry (swap)?
Holding the higher-yielding currency against the lower-yielding one earns positive carry, paid as the daily swap or rollover on a leveraged FX position. If you are long a pair whose base currency has the higher rate, you receive swap; if its rate is lower, you pay swap. The carry is simply the interest-rate differential turned into a daily cash flow.
Why does the expected rate differential matter more than the current one?
Markets price the future, not the present. Exchange rates move on where rates are expected to go, so a currency can strengthen on a widening expected differential even before any actual rate change. Today’s rate gap is largely already priced in; the trade lives in how the expected gap shifts as new data and central-bank guidance arrive.
Does the higher-yielding currency always go up?
No. The rate differential is gravity, not a guarantee. It dominates in calm, risk-on conditions, but in a risk-off shock capital rushes to safe havens regardless of yield, and crowded high-yield carry positions can unwind violently. The differential leads in calm markets and gets overridden by safe-haven flows when risk sentiment breaks.