Interest Rates Table

Central bank interest rate is the rate at which country's central banking institutions lend short-term money to the country's commercial banks. Interest rates also play an important role in Forex market. Because the currencies bought via broker are not delivered to the buyer, broker should pay trader an interest based on the difference between "short" currency interest rate and "long" currency interest rate.

In the interest rates table you can not only find the current interest rates of 20 different countries, but also scroll back in time and see how and when interest rates were changed by the central banks.

Interest rates of the following countries are covered in this interest rates table: United States of America, United Kingdom, European Union, Japan, Switzerland, Canada, Australia, New Zealand, Norway, Denmark, Chile, South Africa, Sweden, Brazil, South Korea, Russia, Poland, Latvia, Hungary and Czech Republic.

Click the small green arrows above and below the table to see the past rates decisions.

Federal Reserve System 1.25% on 2009-04-02 by 0.25%
European Central Bank 0.50% on 2009-04-09 by 0%
Bank of England 0.10% on 2009-04-07 by 0%
Bank of Japan 0.25% on 2009-04-21 by 0.25%
Bank of Canada 3.00% on 2009-04-07 by 0.25%
Reserve Bank of Australia 3.00% on 2009-03-12 by 0.50%
Reserve Bank of New Zealand 0.375% on 2009-03-12 by 0.125%
Swiss National Bank 9.50% on 2009-03-25 by 1.00%
South African Reserve Bank 1.75% on 2009-04-09 by 0.50%
Central Bank of Chile 2.00% on 2009-04-03 by 0.25%
Danmarks Nationalbank 2.00% on 2009-03-26 by 0.50%
Norges Bank 0.50% on 2009-04-22 by 0.50%
Riksbank 11.25% on 2009-03-19 by 1.50%
Banco Central do Brasil 1.75% on 2009-02-06 by 0.50%
Czech National Bank 9.50% on 2009-01-20 by 0.50%
Magyar Nemzeti Bank 5.00% on 2009-03-24 by 1.00%
Bank of Latvia 3.75% on 2009-03-26 by 0.25%
National Bank of Poland 12.50% on 2009-04-24 by 0.50%
Bank of Russia 2.00% on 2009-04-09 by 0%

Top 10 Mythes About Forex

Forex is a market where exchange of one currency with another currency takes place. It’s the market which provides accessibility and liquidity to the traders to buy and sell one foreign currency in exchange of another.
Forex traders seek profit in buying currencies low and selling them high. This kind of trading became more popular with the widespread of the on-line Forex brokers. There is a lot of information available about Forex on the web. However there also many myths surrounding the foreign exchange market:

1) Forex trading is easy. Many people that want to dive into the world of the foreign exchange market believe that the Forex trading is easy — you just read a book or two and then you will be able to earn daily profits with just 2-3 hours trading daily. Others think that they can buy a profitable strategy and it will make them rich in Forex. In reality that’s just a myth. Succeeding in Forex isn’t easier than mastering any other profession — it takes time, money and a lot of practice.

2) "I will make money in Forex, if I can trade stocks successfully." Success in stock market doesn’t imply that you will get success in Forex market — there are many differences between trading stocks and the spot currencies. First of all, Forex market requires a lot of hard work and dedication as this market is open for 24 hours a day. You cannot just sit in front of your computer for the whole day and night, so the best way is that you should find the most suitable time periods for trading. Second, “buy&hold„ strategy simply won’t work in Forex market. Third, you don’t have that much information about currencies as you can get from the companies’ reports and statistics.

3) "I can make profit whenever I want if Forex market is open 24 hours a day." Once again, you won’t be sitting in front of your PC for the whole day to be able to trade 24 hours. You’ll have to develop automated trading software to get the advantage of 24 hours a day working schedule.

4) "I can be a successful Forex trader just following someone else’s signals." Many beginning traders get burned by the blind signal-following. That’s like putting away the whole responsibility for your actions to someone else. That may sound cool, but in reality you end up with the huge losses. Learn to rely on your own knowledge and skills. Remember that there were no great signal-followers in any financial market.

5) No commission is to be paid in Forex market. You only have to pay the spread, but you don’t have to pay the commission. And what’s spread? It is the difference between the buy and sell price of the currency pair at the same moment. You may end up with the major part of your profits in the broker’s hands if you plan to rely on the short-term trading.

6) Forex is a scam. Some skeptics and disappointed traders think that Forex is just some new fad to scam people for their hard earned money. Although there are many scams that are hiding behind the "brand" of Forex, that doesn’t mean that the Forex itself is a scam. There are many institutional Forex brokers, regulated Forex account managers and other solid companies in the market to whom you can trust.

7) I need to exactly predict the market outcome to be profitable in Forex." There is no scientific method to know something in advance in the market with a 100% certainty. There would be no Forex market if you could know the exact currency rates beforehand. Trading is not the game of certainties; it’s a game of odds. One of the first things that new traders learn is to think in the terms of probabilities and risk-to-reward ratios.

8) "I need to use a very complex strategy to be successful in Forex." It’s a popular myth, in which many on-line sellers would want you to believe. The main requirement to be successful in Forex is a self-discipline and money management. There are many traders that make consistent profits with rather simple and old strategies.

9) "I need to have a lot of starting capital to get profit in Forex." Big capital investment won’t help you in Forex. You don’t need a lot of money to diversify in currencies and you can’t move the currency rates with your trading orders (you’d need billions of dollars to do that). Actually you can trade with a very a little capital, because Forex trading is almost always leveraged with the broker’s money.

10) Forex is gambling because it’s completely random. Although there is no certainty in Forex (as in any financial market) it doesn’t mean that it’s completely random. And it’s certainly not a gambling, since your success in this market depends mostly on your skills and experience, not on your luck.

Knowledge is power — so it’s better for you to learn distinguishing some stereotypical myths from the real thing. Don’t fall for the promises of getting some easy profits in Forex, but don’t be afraid of the market just because some people think it’s not possible to earn there. Be rational — this quality will help you either if you are going to trade in Forex or not.

Pounds Weakens After UK Treasury Advisor Declarations

The pound had a bad start this week after former U.K. Treasury adviser Roger Bootle said that a depression might be coming for the national economy as house prices decline.

French April Business Confidense Rises More Than Expected

The International Monetary Fund (IMF) warned Tuesday that total losses from the ongoing global economic downturn could reach $4 trillion and the global financial system "remains under severe stress".Though the IMF had predicted total losses from the credit crunch to hit $1 trillion a year ago, the lender in its latest Global Financial Stability Report (GFSR) estimates losses incurred by banks alone would be over $2.7 trillion."In this GFSR, estimates for write-downs have been extended to include other mature market-originated assets and, while the information underpinning these scenarios is more uncertain, such estimates suggest write-downs could reach a total of around $4 trillion, about two-thirds of which would be incurred by banks," the IMF said in its Global Financial Stability Report.The IMF report blamed the worsening base-case scenario for economic growth for losses suffered by banks, adding that the shrinking economic activity has put further pressure on banks' balance sheets as asset values continue to degrade, threatening their capital adequacy and further discouraging fresh lending.

Singapore Inflation Continues to Ease in March

Consumer prices in Singapore continued to rise at a slower pace in March, reflecting a fall in transport and communication costs amid the weakening economy.Thursday, Singapore's Department of Statistics said the consumer price index rose 1.6% year-on-year in March, slower than the 1.9% acceleration in the preceding month. The increase matched economists' expectations. This is the sixth consecutive month that inflation has eased.In March, transport and communication prices, having a weight of 22% in the index, fell 5.4%, while costs of education and stationery declined 0.4%.On the other hand, cost of housing, having a weight of 21% in the index, rose 5.5%. Price of food, with the highest weight of 23%, increased 4.6%. Price of clothing, footwear, healthcare and recreation and other activities also showed a rise in March.

Gold Rises above $890 Again

Gold rose above $890 an ounce on Wednesday as the dollar's decline against the euro and yen fueled the demand for the precious metal as a hedge investment.June-dated gold futures ended the session at $892.50, up $9.80 for the session. With the increase, gold erased its modest losses from yesterday.The dollar saw weakness against the euro, backing away from a monthly high and also hit a near three-week low against the yen. Usually, gold moves opposite the greenback because of the precious metal's value as a safety investment.Treasury Secretary Timothy Geithner hinted Wednesday that policymakers may be forced to alter their recovery strategies as the global financial crisis drags on. Speaking before the Economics Club of Washington, Geithner explained that the revised estimate from the International Monetary Fund for global growth could spark a change in policy.

Forex-yen gains on export data, dollars dips vs euro

NEW YORK, April 22 (Reuters) - The dollar fell against the yen on Wednesday, partly due to signs of a modest recovery in Japanese exports, while the British pound plunged after the government forecast a surge in borrowing this year.
The euro also gained on the dollar, but retreated from a session peak above $1.30 as Wall Street stocks fell in late trade, boosting some safe-haven flows into the greenback.
Nagging worries about the financial system kept investors from taking on too much risk, however, undermining higher-yielding currencies such as the New Zealand dollar and boosting the yen, which typically firms when anxiety rises.
The International Monetary Fund said the world economy was in a deep recession and slashed its global growth forecast, while Morgan Stanley reported a second straight quarterly loss. For more, see [ID:nN21500818]"Investors are trying to decide which way to jump," said Wells Fargo currency strategist Nick Bennenbroek. "The question is whether to bet on a more sustained recovery in financial markets or position for a renewed risk aversion."