Swap Rates for Currency Pairs

Swap Rates for Currency Pairs

In IFC Markets the position rollover mechanism works on the basis of overnight interbank market rates, at which banks lend to each other in overnight terms, that is with the most favorable conditions for the client. These rates are calculated daily by banking associations and may be available via news agencies.

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The cost of rollover, or more precisely saying, its volume and sign, depends on the interest rate differential between the two currencies of the transaction. From client’s perspective, the higher the rate for the currency purchased and the lower the rate for the currency sold, the more beneficial the position rollover will be. Currency Swap is credited to the client’s account in case the applicable interest rate of the currency purchased is higher than the applicable rate for the currency sold. Alternatively, Swap is deducted from the client’s account.

See an example of Swap Calculation for the Currency Pair AUDUSD

Currency Swap Rates

Instrument Instrument Name Spread
in pips

Swap in pips

AUDCAD Australian dollar vs Canadian dollar 4.5 0.16 / -0.54
AUDCHF Australian dollar vs Swiss franc 4.5 0.39 / -0.78
AUDJPY Australian dollar vs Japanese yen 3.5 0.42 / -0.83
AUDNZD Australian dollar vs New Zealand dollar 8 -0.54 / 0.04
AUDUSD Australian dollar vs US dollar 2 0.27 / -0.79
CADCHF Canadian dollar vs Swiss franc 4.5 0.08 / -0.39
CADJPY Canadian dollar vs Japanese yen 3.5 0.07 / -0.42
CHFJPY Swiss franc vs Japanese yen 4 -0.24 / -0.19
EURAUD Euro vs Australian dollar 4 -1.18 / 0.53
EURCAD Euro vs Canadian dollar 4.5 -0.59 / 0.05
EURCHF Euro vs Swiss franc 2.5 -0.16 / -0.34
EURCZK Euro vs Czech Koruna 210 -4.35 / -8.92
EURGBP Euro vs British pound 1.8 -0.21 / -0.10
EURHKD Euro vs Hong Kong Dollar 20 -2.56 / -1.86
EURJPY Euro vs Japanese yen 2.5 -0.24 / -0.36
EURMXN Euro vs Mexican Peso 50 -19.43 / 6.86
EURNZD Euro vs New Zealand dollar 6.5 -1.77 / 1.08
EURPLN Euro vs Polish Zloty 17 -3.93 / 1.34
EURRUB Euro vs Russian Ruble 240 -100.00 / 40.43
EURSEK Euro vs Swedish krona 40 -2.13 / -1.87
EURTRY Euro vs Turkish Lira 9 -6.87 / 0.59
EURUSD Euro vs US dollar 1.8 -0.26 / -0.23
EURZAR Euro vs South African Rand 75 -25.99 / 8.71
GBPAUD British pound vs Australian dollar 6 -1.31 / 0.59
GBPCAD British pound vs Canadian dollar 6 -0.62 / -0.02
GBPCHF British pound vs Swiss franc 6 -0.07 / -0.50
GBPJPY British pound vs Japanese yen 5.5 -0.09 / -0.52
GBPNZD British pound vs New Zealand dollar 15 -2.10 / 1.23
GBPSEK British pound vs Swedish krona 65 -1.54 / -2.72
GBPUSD British pound vs US dollar 2 -0.21 / -0.46
NZDCAD New Zealand dollar vs Canadian dollar 6 0.43 / -0.86
NZDCHF New Zealand dollar vs Swiss franc 6 0.60 / -0.95
NZDJPY New Zealand dollar vs Japanese yen 5.5 0.66 / -1.04
NZDUSD New Zealand dollar vs US dollar 3 0.56 / -0.95
USDCAD US dollar vs Canadian dollar 3 -0.50 / 0.07
USDCHF US dollar vs Swiss franc 2 -0.12 / -0.23
USDCNH US dollar vs Chinese offshore Yuan 15 -3.99 / 0.79
USDCZK US dollar vs Czech Koruna 210 -2.19 / -6.06
USDDKK US dollar vs Danish krone 12 -1.25 / -1.12
USDJPY US dollar vs Japanese yen 1.8 -0.16 / -0.24
USDMXN US dollar vs Mexican Peso 36 -14.50 / 4.38
USDNOK US dollar vs Norwegian krone 40 -3.49 / 0.83
USDPLN US dollar vs Polish Zloty 21 -2.85 / 1.08
USDRUB US dollar vs Russian Ruble 150 -100.00 / 26.15
USDSEK US dollar vs Swedish krona 40 -1.61 / -1.12
USDSGD US dollar vs Singapore dollar 5 -0.25 / -0.25
USDTRY US dollar vs Turkish Lira 6 -5.26 / 0.61
USDZAR US dollar vs South African Rand 50 -17.89 / 6.76
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Spreads and swaps are specified in points (1 point here is equal to 0.0001, except the pairs including JPY, in which one point is equal to 0.01.)

Spread - Spreads may vary in case of large volumes of transactions and low liquidity market. Learn more about spreads.

Swap (Long/Short) - Operation of moving transaction to a new value date is called SWAP. This is an operation of closing an old position and simultaneous opening of a new position on the same currency pair, of the same volume and at the same price, but on another value date. In this case, the Company charges or pays a compensation according to the direction and the currency of transaction. This payment (the cost of transition) is displayed on client's account as a positive or negative balance and depends on the difference in interest rates between currencies. For the calculation of Forex SWAP rates, our company uses Libid and Libor interbank rates which reflect current real conditions of borrowing, or equivalent regional interbank rates, for which Libor is not applied.

SWAP calculation for Currency Trading:
Suppose that the current overnight Libor rate for the Australian Dollar is 3.55%, while Libid is 3.425%. At the same time, the rates for the US Dollar are 0.15% and 0.025%, respectively. Going long on the AUDUSD an investor is buying the Australian currency and is selling an equal amount in US Dollars. Therefore, he is expected to receive 3.425% for buying the Aussie and pay 0.15% for borrowing in US Dollars. The calculation results in a SWAP of 0.96 points for a long position. On the contrary, if a short position has been taken, the investor would have to pay 3.55% for borrowing the Australian Dollar and would receive 0.025% for owning the US Dollar. The difference between the rates would result in 1.03 swap points.
Attention: for the trading instrument EURCHF additional commission is included in SWAPs calculation due to the special exchange rate formation of the currency pair.

Currency SWAP is applied singly all the week except for Wednesday to Thursday rollover, when SWAP is applied trebly for the weekend.

SWAP takes place every 24 hours at 00:00 server time, and it depends on the quote currency rate at the moment of SWAP calculation. For this reason, SWAP amount may differ from day to day.

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Why IFC Markets?

  • Professional trading platform NetTradeX
  • Trading on streaming quotes with fixed spreads
  • Interbank SWAPs for currencies
  • Interest-free borrowing of non-currency assets
  • Opportunity to create personal trading instruments PCI
  • Insurance in AIG EUROPE LIMITED
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