What is an economic calendar?
An economic calendar lists the scheduled data releases and central bank events that move currency, stock and crypto markets. Each line shows the time, the country or currency, the name of the event, how much impact it is expected to have, and three numbers: the forecast (what analysts expect), the previous reading, and the actual result once it is published.
The gap between the actual number and the forecast is what usually moves price. A reading that is far above or below expectations can move a currency pair by dozens of pips within seconds.
How to read the impact level
- High impact: events that regularly cause sharp moves, such as interest rate decisions, US Non-Farm Payrolls (NFP), inflation (CPI) and central bank press conferences.
- Medium impact: data such as retail sales, PMI surveys, GDP revisions and jobless claims.
- Low impact: minor releases and speeches that rarely change the direction of the market.
The events forex traders watch most
- Interest rate decisions from the Fed, ECB, Bank of England, Bank of Japan and other central banks.
- Non-Farm Payrolls and the unemployment rate in the United States, usually released on the first Friday of the month.
- Consumer Price Index (CPI) and other inflation data, which shape expectations for interest rates.
- GDP, PMI and retail sales, which show how strong an economy is.
How to use the calendar in your trading
- Check the week ahead and mark the high impact events for the currencies you trade.
- Remember that spreads often widen and prices can jump or slip around a release. Many traders avoid opening new positions in the minutes before a major event, or reduce their size.
- Compare the actual figure with the forecast, not only with the previous number.
- Use the lot size calculator to size a position for your stop loss, and the pip value calculator to see what each pip is worth before you trade.
Times in the calendar follow your local time zone. Events can be rescheduled by the issuing institution, so check the calendar again on the day.
This page is general information, not financial advice. Trading leveraged products carries a high level of risk.
Frequently asked questions
What does impact mean on an economic calendar?
Impact is an estimate of how strongly an event usually moves the market. High impact events such as interest rate decisions, NFP and CPI often cause fast price moves, while low impact events rarely do.
What is the difference between forecast, previous and actual?
Forecast is the average expectation of analysts, previous is the last published value, and actual is the number released on the day. Markets react mostly to the difference between the actual value and the forecast.
When is the Non-Farm Payrolls (NFP) report released?
NFP is normally published on the first Friday of each month at 8:30 a.m. US Eastern time. Holidays can move the date, so confirm it in the calendar.
Is it safe to trade during news releases?
It is riskier. Spreads can widen, prices can gap and stop orders can fill at worse prices than expected. Many traders reduce position size or wait until the market settles.
Are the times shown in my time zone?
Yes. The calendar uses your device time zone, so the event times match your local clock.