Many factors influence the Forex currency market, one of them is economic reports, speeches of politicians, a sentiment index calculated by universities, etc. We will briefly call this the news.
News varies in importance, impact on a particular currency, etc. Some traders trade at the time of the news release, some, on the contrary, try to avoid them. In any case, it is important for us to know the time, degree of importance, influence and significance (if this is data) of the news.
Many sites have an “economic calendar” section, but in most cases it is inconvenient to use, or the degree of importance of the events is not fully reflected. In this review, I would like to consider the most competent version of the calendar.
It is located at the link:
First of all, we need to set the clock,
so that the news release time coincides with our time zone.
Click on the clock at the top of the page:
Next we see the settings
1)DST ON / OFF
Daylight Saving - ON / OFF
Time zone.Choose the desired one (Moscow time GMT + 3)
24 or 12 hour time display format.
4) Next, click Save changes to save changes.
Settings are saved even without registering on forexfactory
On the calendar page we see the columns:
The economic calendar consists of columns with information that is easy to understand. The first column displays date and day of the week. In the second column - news release time. In third - currency affected by the news. Colored icons in the fourth column display degree of influence on the currency. In the fifth goes brief description of the news. In the sixth - detailed descriptionto see which you need to click on the icon that looks like a folder. The following are the meanings of the news: in the seventh column present value (the meaning that the news carries), in the eighth column predicted value and in the ninth -previous indicator.
If the current value is displayed in green, then the news results were more favorable than the forecast. If it is displayed in red, then worse than predicted values. Gray color means that the value of the news coincides with the forecast. In the last column you can see graph of previous values over several years.
There are also 2 buttons above the calendar: "Up Next", which sends us to the nearest news, and the "Filter" button, where you can configure filtering by currency, degree of influence and type of news.
1)Date - date of
2)Currency - currency
3) Impact - influence
4)Detail - more about news
5)Actual - Present value
6)Forecast - forecast
7)Previous - previous value
8)Chart - schedule before. values
The difference in news in importance
The Impact column shows the importance of the news:
Red color - possibly a strong influence
Orange - medium impact
Yellow - weak or absent
White - non-economic events (holidays, etc.)
The current value is displayed:
Green is better than forecast
Red - worse than forecast
Gray is the same as the forecast
Let us return to the column reflecting the degree of importance of the news. The red color of the icon in it indicates a strong effect on the currency. Orange indicates average. Yellow indicates little or no effect. Separately, it is worth mentioning the gray color, it means non-economic events: various holidays or bank holidays.
If European banks rest on weekdays, then trading in the European session is not worth it. In the market, you will not see much activity and, possibly, lose time in vain. If America has a day off, then after the closure of Europe there is also nothing to do on the market. On Japanese holidays, you can especially not pay attention, since they do not cause such a drop in market activity.
The impact of news on currencies
Every trader should know that news regarding the dollar affects not only the dollar itself, but also all currencies, in including gold. Euro news only affects couples with the euro. Events in other currencies need not be focused. In terms of importance, we ignore all news except those marked in red.
It is better not to trade 20 minutes before the release and 20 minutes after the release of especially important news. Do not try to predict the impact of the news. It is almost impossible for an ordinary person. Therefore, it is better not to go into the market, but to sit and wait until everything settles down.