Forward Points by Instrument
Last updated: 2026-11-02
Understanding forward points
In the FX market, forward points express the difference between a forward exchange rate and the spot exchange rate for a given value date. They are also known as swap points. They are not interest rates or forecasts of future spot prices.
Open an instrument to compare its available contracts. Each contract has its own observation dates and historical series; the displayed update date indicates the latest data available in this application.
FX carry reflects the interest rate differential and market pricing. Gold, silver and oil have different carry drivers, including financing and, where applicable, storage and lease costs. The FX interest-parity formula should not be applied to all instruments indiscriminately.
Frequently asked questions
Are forward points a forecast?
No. FX forward points price the difference between spot and forward delivery. They do not by themselves predict the future spot rate.
How are FX forward points related to spot?
For quote currency per unit of base currency: F = S × (1 + r_quote × t_quote) / (1 + r_base × t_base). Rates are annual decimals; each t uses its currency-specific day-count basis. Points in pips = (F − S) / pip size. This theoretical relation does not specify broker rollover charges or commodity carry.
How do I check data freshness?
Read the date shown with each observation. Availability depends on incoming data; the page does not promise continuous or real-time quotes.