FedFed Funds Target Range
ECBDeposit Facility Rate
BoJOvernight Call Rate
BoEBank Rate
RBACash Rate
BoCOvernight Rate
SNBSNB Policy Rate
RBNZOfficial Cash Rate (OCR)
PBoC1-year Loan Prime Rate (LPR)
Central Bank Interest Rates, October 2026: 5 Hikes, 4 Holds and the 28–30 Oct Meeting Week to Watch
Prepared and fact-checked by the 1TRADER team · Article updated · Rates as of 19 Oct 2026
In the latest round of meetings, from 2 Sep to 29 Sep 2026, the 9 major central banks in the table above split cleanly: 5 hiked (Fed, ECB, BoJ, RBA and RBNZ) and 4 held (BoE, BoC, SNB and PBoC). None of them cut.
At the end of this month 5 central banks announce decisions within about 2 days, from 01:00 GMT on 28 Oct to around 03:00 GMT on 30 Oct. This article sums up what each bank decided, where the rate gaps between the major currency pairs stand, and what to watch during the meeting week.
Quick summary
- The Fed hiked 0.25% to 3.75–4.00%, its first hike since July 2023, on a 12–0 vote
- The RBA made its 4th hike of the year to 4.60%, the highest in the table, while the BoJ went to 1.25%, its highest since 1995
- The BoE held at 3.75% on a split 6–3 vote, with 3 members wanting a hike
- 28–30 Oct: 5 decisions back to back from the RBNZ, BoC, Fed, ECB and BoJ
OverviewFrom a cutting cycle to a hiking cycle
In 2025 most central banks cut rates. The Fed, for example, cut a total of 0.75% between September and December 2025, taking its range down to 3.50–3.75%. In 2026 the direction turned: the RBA started hiking in February, the ECB made its first hike in almost 3 years in June, the RBNZ hiked in July, and all three hiked again in September alongside the Fed and the BoJ.
Note When many countries hike at the same time, currencies move on "who is hiking faster" more than on any single country's rate, so always compare the rate gap between the two currencies in the pair you trade.
United States · FedFirst hike since 2023
At its 15–16 Sep 2026 meeting the Fed raised the federal funds target range by 0.25% to 3.75–4.00% on a 12–0 vote, announced on 16 Sep. It had held rates at every meeting from January to July, although 3 members already favoured a hike in July.
Higher US rates make holding dollars more rewarding, so the dollar usually gains support, while gold, which pays no interest, tends to come under pressure. The next meeting is 27–28 Oct, with the decision on Wednesday 28 Oct at 18:00 GMT (2:00 pm New York time).
Note With a unanimous vote, the market will focus on the statement and the press conference for signs of further hikes or a pause to wait for data. That guidance usually moves the dollar and gold more than the rate decision itself.
Euro area · Japan · UKECB and BoJ hike, BoE holds on a split vote
The ECB raised its deposit facility rate to 2.50% on 10 Sep, its second hike of the year after June, with the main refinancing rate at 2.65%. The BoJ raised its rate from 1.00% to 1.25% on 18 Sep on a 7–2 vote, the highest level since 1995.
The BoE held at 3.75% on 17 Sep on a 6–3 vote, with 3 members voting to raise it to 4.00%. Its next decision is on 5 Nov at 12:00 GMT.
Note When the BoJ hikes, the gap between US and Japanese rates narrows, which usually supports the yen. The gap is now 2.50–2.75%. The BoE's 6–3 split suggests a policy change is possible at the next meeting.
Australia · New ZealandRBA's 4th hike of the year, RBNZ keeps going
The RBA raised its cash rate from 4.35% to 4.60% on 29 Sep, its 4th hike of the year (up from 3.60% at the start of the year) and the highest rate in the table. The RBNZ raised its rate from 2.50% to 2.75% on 2 Sep, following a hike in July.
Note Australian rates are 0.60–0.85% above US rates, making AUD one of the few major currencies that earns more than the dollar. The RBA's next decision is on 3 Nov at 03:30 GMT.
Canada · Switzerland · ChinaBoC, SNB and PBoC on hold
The BoC held at 2.25% (2 Sep), the SNB held at 0.00% (24 Sep), and the PBoC kept the 1-year LPR at 3.00% and the 5-year LPR at 3.50%, unchanged since mid-2025.
Note The Swiss franc has the lowest rate in the table, 3.75–4.00% below the US, so USD/CHF is especially sensitive to US rate news.
Meeting week: 28–30 Oct (GMT)5 central banks in about 2 days, in order of announcement
| Central bank | Rate | Day · time (GMT) | Pairs to watch |
|---|---|---|---|
| RBNZ | 2.75% | Wed 28 Oct · 01:00 | NZD/USD |
| BoC | 2.25% | Wed 28 Oct · 13:45 | USD/CAD |
| Fed | 3.75–4.00% | Wed 28 Oct · 18:00 | USD · gold |
| ECB | 2.50% | Thu 29 Oct · ~13:15 | EUR/USD |
| BoJ | 1.25% | Fri 30 Oct · ~03:00 | USD/JPY |
Before that, the PBoC sets its LPR on 20 Oct at 01:00 GMT, and afterwards the RBA (3 Nov) and the BoE (5 Nov) follow. When decisions come this close together, spreads often widen and prices can swing several times in a single day. See the countdown for every bank, in your local time, in the meeting calendar.
Rate gaps on the major pairs Calculated from the policy rates in the table, as of 19 Oct 2026 · the US rate is a 3.75–4.00% range
| Pair | Rates (both sides) | Gap | Higher side |
|---|---|---|---|
| USD/CHF | 3.75–4.00% · 0.00% | 3.75–4.00% | USD |
| USD/JPY | 3.75–4.00% · 1.25% | 2.50–2.75% | USD |
| USD/CAD | 3.75–4.00% · 2.25% | 1.50–1.75% | USD |
| EUR/USD | 2.50% · 3.75–4.00% | 1.25–1.50% | USD |
| NZD/USD | 2.75% · 3.75–4.00% | 1.00–1.25% | USD |
| GBP/USD | 3.75% · 3.75–4.00% | 0.00–0.25% | About even |
| AUD/USD | 4.60% · 3.75–4.00% | 0.60–0.85% | AUD |
What central banks base decisions on Watch these figures before each meeting
If inflation is still above target, a central bank is more likely to hold or hike.
Strong employment leaves room to hike without hurting the economy too much.
A currency that weakens too fast may push a central bank to respond with rates.
The wording of the statement and the number of dissenting votes hint at the next move.
Checklist before a rate decision Run through it before every meeting
- Check the decision date and time in the calendar above, shown in your local time
- Find out whether the market expects a hike, hold or cut, because prices usually move on the surprise
- Look at the country's latest inflation and jobs data
- Expect volatility during the press conference after the decision, not only at the announcement
- Set a stop-loss and allow for spreads that can widen around the announcement
Bottom line
The latest round leaned clearly towards tightening: the US, the euro area, Japan, Australia and New Zealand all hiked, while the UK, Canada, Switzerland and China held. The 28–30 Oct week is the most important stretch of the month, so check the decision times on this page before opening trades. Trading around rate decisions carries high risk.
Sources: announcements from the Federal Reserve · ECB · BoJ · BoE · RBA · RBNZ · BoC · SNB · PBoC · All figures match the table on this page. Not investment advice.