Central bank rate
The percentage at which a central bank lends money to commercial banks. Loans and deposits depend on it. When the rate changes, or a change is hinted at, pairs with that currency often jump.
Example
A central bank signals that it will cut the rate. At the meeting, pairs with that currency can spike and the spread widens.
What not to do
Do not open a position a minute before the meeting trying to guess the decision. Look not only at the number but at market expectations and the tone of the comments.
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