An interest rate decision is a scheduled announcement by a central bank on whether it will raise, cut, or hold its benchmark policy rate, usually accompanied by a statement explaining the reasoning. Because interest rates directly affect a currency's yield appeal to global investors, these decisions are among the biggest scheduled drivers of forex volatility.
Markets often move as much on the tone of the accompanying statement (hawkish or dovish) and forward guidance as on the rate change itself.
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What an Exchange Rate Regime Changes About a Pair
Whether a currency floats, is steered, sits in a band or is administered outright is a published policy fact — and it decides more about how the pair behaves on your screen than anything on the chart.