What is the Forex Economic Calendar?

An economic calendar is a tool designed to take some of the pain away from investors, enabling traders to keep up to date with all of the latest macroeconomic news all in one place. It collates all news releases, political decisions, report publications, national elections and more into a single place so that it is easy to keep up to date with all Forex markets all at once.

As well as one-off events, the Forex calendar also displays important economic statistics through the nextmarkets platform, such as interest rates, insurance prices and economic growth. They are regularly updated, usually at least once an hour, to ensure that information is as accurate as possible.

To get the most out of the Forex calendar as a tool on nextmarkets, it will help traders to have a basic understanding of macroeconomics. Understanding the impact of economic growth, a rising unemployment rate and/or an increase in the consumer price index, for example, could all impact the perceived value of a country’s currency.

Understanding the relationship between these economic factors and how they impact exchange rates is vital to being able to use the Forex calendar to predict movements in the price of currencies. Anticipating the volatility of the market following these kinds of announcements is essential in order to benefit from trading opportunities before everyone else.

The UK Forex economic calendar will not only include all of the major information, such as GDP and inflation reports, but also details which are only relevant to the UK. For example, a good Forex calendar will include the dates of key decisions around Brexit, as well as any national holidays, government elections, the UK budget release and reports from the Office for National Statistics.

There are very few events which will take place on the same day in more than a couple of countries, so it is worth sticking to trading with just one or two currency pairs when you are starting out on the nextmarkets trading app. Otherwise, it would be far too time-consuming to keep up-to-date with the current affairs of more than three countries at once.

Forex calendars display a lot of information, too much information for one person to consume. Don’t feel that you have to sit and sift through all of the records pertaining to each and every currency. The Forex calendar is designed so that you can filter and personalise your view one nextmarkets so that you only have to look at what is relevant to you. In addition to this, you can filter by:

• Market – only look at reports relating to the currencies you wish to trade
• Date – do you want to see today’s reports, or look further ahead?
• Topic – are you only interested in reports relating to taxes, corporations or unemployment? Filter by the Forex indicators which interest you most. The filters allow you to find what is useful far more easily and efficiently than scrolling through the whole global calendar.

There are so many different Forex trading strategies out there, and every experienced trader will have his or her preferred strategy for trading on the Forex market. What all legitimate Forex trading strategies have in common is their reliance on the Forex calendar. Some trading strategies might only require a light touch approach to the calendar, whilst others will reference it almost religiously.

These strategies usually revolve around taking external macroeconomic factors as indicators of when to sell and buy different currencies, rather than opting for a more mathematical approach. It is up to you to decide which strategy you prefer, but it is recommended that you always have a Forex calendar to hand when you trade on nextmarkets, whatever strategy you choose.

There are some key pieces of macroeconomic terminology which are vital to understanding before you can make the most of the Forex calendar or the nextmarkets Forex signals app. These include:

• CCI (Consumer confidence index): survey results from more than 5,000 households across the country, measuring the average level of consumer confidence and their spending power.
• CPI (consumer price index): a measure of inflation which is calculated using reports in the average price of products and services in more than 200 categories.
• GDP (gross domestic product): an indicator of a country’s economic growth. It is calculated using a country’s income, output and expenditure.
• PPI (producer price index): a measure of the change in selling prices of goods and services by domestic producers across industries such as energy, agriculture and manufacturing.

The Forex Factory calendar is one of the Forex calendars available on the internet. It is described as being “famously reliable” and for this reason is one of the most popular, and certainly one of the most widely known, Forex calendars available.

It is kept up to date, and contains information regarding even some of the more obscure currency pairs on the Forex market. The information is varied and broad, and you will also find articles and market analysis and insight on the page, displayed alongside the raw facts and figures. The factory calendar is often to go-to for traders, whether they’re new to trading or experienced traders. Traders can use this information in conjunction with the nextmarkets library for an optimal trading experience.

It doesn’t matter whether you are just starting out in Forex trading, or whether you are an experienced, seasoned trader; you can still benefit hugely from the Forex calendar. Having all of this vital information in one place takes the strain away from the individual, helping you to make smarter trading decisions much more quickly and efficiently.

With the combination of the Forex calendar and free forex software, you’ll have a solid foundation for your trading decisions, helping you to make more profitable trades going forward. The forex trading calendar is still part of the arsenal of some of the oldest forex traders, which makes it a necessity for every trader who wishes to have a healthy nextmarkets portfolio.