Hawk / Dove Sheet


Here we present the Hawk / Dove sheet, an explanation of the terminology as well as the implications on forex trading and how it is used in fundamental analysis.

Hawk and Dove sheet

Hawkish and Dovish

A Hawk is a term originally used in economics to describe economists or Central Bankers who are more concerned with potential recession from higher inflation,, than with economic growth. It is now more commonly used, however, to describe a view on interest rates, with a hawk favouring higher (or an increase in) interest rates.

The transition mechanism is that higher interest rates make borrowing less favourable or attractive for individuals and corporates. This then leads to a decrease in spending, lower demand and price stability.

Conversely, a Dove was originally used to describe Central Bankers or economists who are less concerned with higher inflation rates, and more focused on stimulating economic growth. It is now commonly used to describe a view on interest rates, with a dove favouring lower (or a decrease in) interest rates.

Lower interest rates encourage borrowing by corporates and individuals, which in turn encourages an increase in spending and higher demand.

FX implications

Generally, a more hawkish view expressed by a Central Banker would highlight a potential for a higher interest rate environment for that country. This would then favour an appreciation (rise) in the currency.

A dovish view expressed by a Central Banker would point to a possible lowering of interest rates, and the a likely depreciation (fall) of the currency.

So the Hawkish or Dovish views of Central Bankers can have a direct effect on currency rates. Here we provide a guide to US, UK and European Central Bankers hawkish or dovish leanings, to provide an insight as to whether their expressed views are more or less hawkish or dovish than would be expected.

Updated 2018-11-21

Federal Open Market Committee (FOMC)


Bank of England

Bank of England



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