8 major currencies, 28 pairs
The 8 major currencies are the US dollar (USD), the euro (EUR), the Japanese yen (JPY), the British pound (GBP), the Swiss franc (CHF), the Australian dollar (AUD), the New Zealand dollar (NZD) and the Canadian dollar (CAD). Between them they form 28 pairs, and the US dollar was on one side of 89.2% of all currency trades in April 2025, by the BIS Triennial Survey.
MacroSetup covers the eight major currencies and every pair between them. Keeping to the majors means every score gets the attention it needs: the central bank, the data it watches, risk sentiment and geopolitics, for each currency, every trading day.
By Mike, founder of MacroSetup. Page updated .
The 8 major currencies today: central bank, rate and next decision
Each of the eight has one central bank behind it, and the rate that bank sets is the first thing that separates one major from another. The rates as the research last recorded them from each bank, 6 November 2026, 21:12 Amsterdam time.
| Currency | Policy rate | Next decision |
|---|---|---|
| US dollar (USD)USD, FedFederal Reserve (Fed) | 3.75 to 4.00% | 9 Dec 2026Wed, 9 Dec 2026 |
| Euro (EUR)EUR, ECBEuropean Central Bank (ECB) | 2.50% | 17 Dec 2026Thu, 17 Dec 2026 |
| Japanese yen (JPY)JPY, BoJBank of Japan (BoJ) | 1.25% | 18 Dec 2026Fri, 18 Dec 2026 |
| British pound (GBP)GBP, BoEBank of England (BoE) | 4.00% | 17 Dec 2026Thu, 17 Dec 2026 |
| Swiss franc (CHF)CHF, SNBSwiss National Bank (SNB) | 0.00% | 10 Dec 2026Thu, 10 Dec 2026 |
| Australian dollar (AUD)AUD, RBAReserve Bank of Australia (RBA) | 4.85% | 8 Dec 2026Tue, 8 Dec 2026 |
| New Zealand dollar (NZD)NZD, RBNZReserve Bank of New Zealand (RBNZ) | 2.75% | 9 Dec 2026Wed, 9 Dec 2026 |
| Canadian dollar (CAD)CAD, BoCBank of Canada (BoC) | 2.50% | 9 Dec 2026Wed, 9 Dec 2026 |
Sources: each bank's own decisions page, Federal Reserve, Federal Open Market Committee; European Central Bank; Bank of England; Bank of Japan; Swiss National Bank; Reserve Bank of Australia; Reserve Bank of New Zealand; Bank of Canada. The decision dates come from each bank's published calendar; every one for 2026 and 2027 is on the central banks page.
- USDUS dollarFederal Reserve
- AUDAustralian dollarReserve Bank of Australia
- JPYJapanese yenBank of Japan
- GBPBritish poundBank of England
- CHFSwiss francSwiss National Bank
- NZDNew Zealand dollarReserve Bank of New Zealand
- CADCanadian dollarBank of Canada
- EUREuroEuropean Central Bank
All 28 pairs
The central bank behind each currency
Central banks weigh heavily in the fundamentals pillar: their stance, the direction they are moving in and the data they are focused on. Members see each bank's latest decision, next meeting and tone in the app.
- USD
US dollar
Federal Reserve (Fed)
- Target
- Maximum employment and stable prices, with inflation at 2% over the longer run
- What else moves it
- The world's main reserve currency. Tends to gain when markets turn cautious. Is it still a safe haven?
- EUR
Euro
European Central Bank (ECB)
- Target
- Price stability: inflation at 2% over the medium term
- What else moves it
- Driven by the gap between ECB and Fed policy, growth in the euro area and energy prices.
- JPY
Japanese yen
Bank of Japan (BoJ)
- Target
- Price stability: inflation at 2%
- What else moves it
- A safe haven that tends to gain when markets turn cautious, and a common funding currency in calm ones.
- GBP
British pound
Bank of England (BoE)
- Target
- Inflation at 2%, the target set by the government
- What else moves it
- Moves on UK inflation and labour data, and on how far the Bank is willing to go.
- CHF
Swiss franc
Swiss National Bank (SNB)
- Target
- Price stability: inflation below 2% a year
- What else moves it
- A safe haven that tends to gain when markets turn cautious.
- AUD
Australian dollar
Reserve Bank of Australia (RBA)
- Target
- Inflation between 2 and 3%, and full employment
- What else moves it
- Tied to risk appetite and commodities, and to demand from China.
- NZD
New Zealand dollar
Reserve Bank of New Zealand (RBNZ)
- Target
- Inflation between 1 and 3%, aiming for 2%
- What else moves it
- Tied to risk appetite and to what New Zealand exports, dairy first.
- CAD
Canadian dollar
Bank of Canada (BoC)
- Target
- Inflation at 2%, the middle of a 1 to 3% range
- What else moves it
- Tied to oil prices and to the US economy, its largest trading partner.
Targets as each central bank publishes them. How the four pillars turn this into a score is on the methodology page.
Four of the 28 pairs are scored in the open every week: the weekly forex outlook for EUR/USD, USD/JPY and the pairs of the week.
Questions about what is covered
Why only the eight majors?
Because the macro behind them is public, deep and comparable: eight central banks, eight sets of national statistics, and 28 pairs between them. Emerging market currencies move on flows and politics that no public dataset catches in time.
Which central bank belongs to which currency?
The Federal Reserve (USD), the European Central Bank (EUR), the Bank of Japan (JPY), the Bank of England (GBP), the Swiss National Bank (CHF), the Reserve Bank of Australia (AUD), the Reserve Bank of New Zealand (NZD) and the Bank of Canada (CAD). What each bank steers by
Are exotic pairs or gold included?
No. Gold, oil and the equity indices are read as signals of the risk mood, and they feed the sentiment part of every score, but they are not scored or traded as instruments themselves.