Currencies follow interest rates. Pick any two of the 39 economies we track and see the policy-rate, inflation, and real-rate spreads between them — then convert an amount at the live rate. The rate data is our own dataset; the conversion uses live market quotes.
Rates and inflation come from the GFI policy-rate dataset; the conversion uses live interbank rates.
| Metric | United States | Euro Area |
|---|---|---|
| Policy rate | 3.88% | 2.50% |
| Inflation (latest) | 2.95% | 2.47% |
| Real policy rate | 0.93% | 0.03% |
| Inflation target | 2.00% | 2.00% |
| Debt to GDP | 125.80% | — |
| GDP growth | 2.30% | — |
| Last move | +25 bps | +25 bps |
| Currency | USD | EUR |
Spot rate as published by our market data feed.
Rate spreads are the main short-run driver of currency moves: when one economy pays more on short-term money than another, capital tends to flow toward the higher-yielding currency, which supports its exchange rate. Inflation is the offset — a high policy rate paired with faster inflation can still leave a negative real rate, and it is the real rate that reflects how tight money actually is. Spread of 1.38% on the policy rate and 0.90% after inflation, as of the dataset's latest refresh.