Staying up to date with the latest changes in the world of forex requires you to become familiar with some of the key updates that often come through. Knowing when important economic news releases can provide traders with a heads up on when to expect changes in prices, or volatility. By keeping tabs on a forex economic calendar you can quickly identify upcoming events that may impact the currency markets. In this article we’ll give you an overview of some tips to keep an eye on the economic calendar and stay one step ahead in the forex markets.
What is the Forex Economic Calendar?
The Forex Economic Calendar is a tool used by traders to keep track of the financial news releases from markets around the world. It helps traders to stay ahead of important economic and political events and to quickly analyze the impact that these events will have on the Forex market. The calendar displays dates and times of various news releases, GDP projections, consumer confidence figures, central bank meetings and other events. The calendar updates in real-time and shows the past as well as the expected outcome of the event. By following the Forex calendar traders can gain knowledge and access to the current market situation.
Advantages of the Forex Economic Calendar
The most important advantage of using a Forex Economic Calendar is that it provides traders with insight into the events that are likely to impact the Forex market. By tracking the expected outcomes of events like GDP projections, bond auctions, central bank meetings and other economic news releases, traders can make better-informed decisions when entering and exiting trades. Moreover, the calendar can be used to help traders to look for potential trading opportunities. For instance, by looking at the calendar, traders can detect currency pairs with high volatility, which could indicate that the market could be ready for a breakout.
The Best Forex Economic Calendar Reviews for 2023
The ForexFactory is considered the best Forex Economic Calendar resource available today. It is one of the most popular Forex information websites and is updated every single day with past, present and future releases. The calendar can be viewed in multiple time frames and features neat graphs showing the up-to-date financial news releases, GDP figures and other economic events. FXCM’s Economic Calendar is another great resource and is designed to allow traders to take a quick glance at the data sets against market consensus and to detect potential trade opportunities.
Other great economic calendar resources include EconomicCalendar.com and TradingEconomics.com, both of which have extensive calendar databases of past, present and future releases. Economic Calendar covers key economic events, announcements and news that affect the Forex market, while TradingEconomics.com provides real-time insights into the global economy and market trends. In addition to these services, it is also important to keep an eye out for any news releases from the central banks, which could have a profound effect on the Forex market.