What is an ECB reference rate and why is one published every day? Explain it like you're talking to a new trader

The European Central Bank publishes euro foreign exchange reference rates every working day at 2:15 p.m. Central European Time. They give the value of the euro against about 30 currencies. On 5 October the rate against the US dollar was $1.1204, the lowest since 16 May 2025 (full report).

It is a snapshot, not a live price: the euro trades through the day and the reference rate is a single daily figure. The ECB says the rates are for information, and many companies, banks and accountants use them to convert amounts or to record values in the euro on a given day. It is not a rate at which you can necessarily trade.

That makes it a useful, free and official record. The ECB also keeps a history, so you can check where a currency stood on a past date.

Here is what we would like to see, in plain language:

• How would you explain a reference rate to someone who has never traded, perhaps using a bank's exchange rate on a travel receipt?
• Why do you think a once-a-day fixing is useful when live prices exist?
• Have you used ECB reference rates, or similar fixings from another central bank, to check something?
• What other official daily figures do you rely on?

Cross rates explained shows how rates against the euro can be used to work out other pairs.

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