Swap points
The premium or discount added to the current rate to turn it into a rate for a future date.
How to read the number
They express the difference between two interest rates: the currency with the higher rate trades cheaper forward against the one with the lower.
When the metric lies
They are read as a forecast, and they are not one. The points merely equalise two returns, so seeing the market's expectation of a future rate in them is a common misreading.
Also known as: forward points