The GQFX Swap Rates are interest rate differentials embedded in the currency trades. It is a fixed rate that is paid on an interest rate swap to receive payments based on a floating rate. It is also a roll over interest that is paid for holding positions overnight in a foreign exchange trading.
Definition of Swap Rate
Swap rate is the difference whether positive of negative between the forward exchange rate and the spot rate for a given currency and is usually expressed in points. In the case of the interest rate swap the market interest rate paid by the party responsible for the fixed payments. In general when a swap is initiated the fixed rate paid is usually close to the market swap rate. As the swap matures the fixed rate paid on the swap stays constant while the swap rate might change and both can diverge.