What is an Economic Calendar?
An Economic Calendar shows the scheduled news events or data releases related to the economy and financial markets. These include GDP, Non-Farm Payroll numbers, and interest rate decisions.
There are loads of these economic date releases - many each week, and sometimes each day. These events are listed on the Economic Calendar along with the scheduled time of the release.
How to find Economic Calendar?
To use our Economic Calendar, please log into your Backoffice and simply go to the Calendar section.
The service is available from within your FXChoice Backoffice to verified and actively trading clients completely free of charge. For those traders still finding their feet in the world of Forex, the calendar is available on a 14-day free trial and is automatically made available for those willing to take the plunge to live trading when the period expires.
How to read Economic Calendar?
Knowing how to read the forex economic calendar properly is important to maximize your trading prior to and following the most important releases.
This calendar is easy to use and interpret the data as it has clear rules showing:
- the time the economic news is released; the currency that is going to be affected;
- the standard interpretation (how should the currency move based on the actual news that is released);
- the importance of the economic release;
Each event is graded. Minor events likely to have a minimal market impact are marked as "Low" (low impact) or don't have any special markings. Events that may have a market impact are marked as "Medium" and usually have a yellow dot beside the event. Yellow indicates some caution is warranted at this time. Red dots, or a "High" marking, indicates a significant news/data release which is highly likely to move the market in a significant way.
The events on the calendar are graded low, medium and high, depending on their likely degree of market impact. This is what the FXChoice economic calendar looks like.
Reduce Your Risk and Customize Your Economic Calendar view
Check your Economic Calendar each morning, before you start trading, and jot down the times of the major data releases.
In default mode, the calendar will show you every piece of economic news coming out for the major economies. For many, that will be information overload, so you may want to customize the look.
In order to customize the Economic Calendar, it’s advisable to change the time frame to what you’re most comfortable with in the upper right corner.
You can also customise the period, choose the category, and check the details of the event by clicking on the specific event.