The Economic Calendar displays key upcoming economic events, announcements and news that can impact the Foreign Exchange market.
How An Economic Calendar Can Help Traders
Upcoming economic events and FX data releases can help traders and businesses plan their positions and hedge trades. Allowing them to capitalise on upward FX market movements when the data previewed on the economic calendar is released. High impact data can move the FX market by several points.
How To Read An Economic Calendar
Most forex economic data calendars offer a short overview of financial data due to be released during that day or week. It will also highlight the data’s previous reading and, in many cases, what economists have forecast for the upcoming economic data release.
Real-Time Economic Calendar
Real-time economic data highlights up to the minute data releases allowing forex traders to place trades as the market data is released. Whilst the economic calendar should not be used as a trading guide. Combining the economic calendar with forex rates boards and foreign exchange charts will provide you with the equipment to trade FX successfully or convert your currency at a great rate.
How Important Is The Economic Calendar?
Traders find the economic calendar can provide a crucial advantage when trading. The calendar can hint as to how the market might react to an upcoming data release.
Global Economic Data
Data from across the globe is presented on the forex economic calendar. It depicts key evets and data which shape currency trend and creates FX market volatility.
US economic data
As the world’s largest economy, economic data from the US can be the biggest driver in FX pricing. Critical data released by the US and featured on a forex economic calendar includes The FED interest rate decision, FOMC minutes and the Non-Farm Payroll numbers.
UK economic data
The sixth-largest economy in the United Kingdom, with its primary trading pairs being the USD and Euro. Key data releases on the forex economic data include Bank of England interest rate decision, Gross Domestic Product (GDP) number and Service PMI (purchase managers index).
Canadian economic data
Canadian Dollar exchange rates are tied closely to the performance of the commodities markets. Meaning dips in oil and other resources pricing can cause the Canadian dollar to fluctuate. Key data releases for the Canadian economy featured on an economic calendar includes the Bank of Canada rate statement, BoC interest rate decision and the Canadian Monetary Policy report.
Australian economic data
Australia is now considered among the top-ranking global economies. Australia’s commodities resources mean the AUD can be moved by pricing and appetite from China’s trading partner. Oz’s key data releases include the Reserve Bank of Australia’s Rate Decision, Unemployment rate, and the RBA meeting minutes.
European economic data
The eurozone is the second-largest global economy. Therefore, political adversity or unforeseen policy changes can reverberate across all financial markets. The key economic drivers for the eurozone economy, highlighted on a foreign exchange economic calendar, include the ECB rate decision, Composite PMI, Inflation rate (CPI) and GDP growth rate.