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Public view shows each currency's current central bank tone and directional policy bias.
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| Currency | Central Bank | Tone | Bias |
|---|---|---|---|
| AUD | Reserve Bank of Australia (RBA Board) | Hawkish | Hiking cycle resumed in 2026; cash rate at 4.10% after two successive hikes in February and March. Further hikes possible if energy-driven inflation persists. |
| JPY | Bank of Japan (Policy Board) | Hawkish | Gradual rate-hike cycle intact at 0.75%. BOJ signalling further hikes if growth and prices evolve as projected; Middle East uncertainty causing near-term pause. |
| EUR | European Central Bank (ECB Governing Council) | Neutral | Deposit rate on hold at 2.00% since June 2025. Optionality retained: cut, hold, or hike equally possible depending on energy and second-round inflation trajectory. |
| USD | Federal Reserve (Federal Open Market Committee) | Neutral | On hold at 3.50-3.75%. Treating tariff and energy-driven inflation as largely transitory; awaiting further disinflation before any additional cuts. One cut pencilled into 2026 median dot. |
| NZD | Reserve Bank of New Zealand (Monetary Policy Committee) | Neutral | OCR on hold at 2.25% since November 2025. Watching energy shock and second-round effects; vigilant stance with upside rate bias for remainder of 2026. |
| GBP | Bank of England (Monetary Policy Committee) | Neutral | Bank Rate on hold at 3.75% (unanimous). Energy shock from Middle East war forces pause to easing cycle; secondary inflationary risks elevated, but growth very weak. |
| CAD | Bank of Canada (Governing Council) | Neutral | Policy rate on hold at 2.25% since Dec 2025. Balanced risks: domestic contraction vs. Middle East-driven energy inflation. Reactive stance, no pre-commitment to direction. |
| CHF | Swiss National Bank (SNB Governing Board) | Neutral | Policy rate at 0.00%. SNB on hold with heightened FX intervention willingness to cap CHF appreciation. Inflation barely positive; negative rate risk if franc surges. |