January 12, 2021 4:54 AM PST
How to Read an Economic Calendar
A forex economic calendar is
useful for traders to learn about upcoming news events that can shape
their fundamental analysis. This article will explore the WikiFX
economic calendar in depth, offering tips on how to read a forex
economic calendar to plan ahead, manage risk, and execute strategic
trades.To get more news about
[url=https://www.wikifx.com/]WikiFX[/url], you can visit wikifx official website.
WHAT IS AN ECONOMIC CALENDAR?
An
economic calendar is a resource that allows traders to learn about
important economic information scheduled to be released. Such events
might include GDP, the consumer price index, and the Non-Farm Payroll
report. In todays environment of fiscal cliffs and central bank
intervention, it can be very helpful to know the date of the next
central bank meeting or major news announcement.
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The events on the calendar are graded low, average and high,
depending on their likely degree of market impact. This is what the
WikiFX economic calendar looks like.Knowing how to read the forex
economic calendar properly is important to maximize your trading prior
to and following the most important releases. Checking the calendar
every morning will allow you to familiarize yourself with the upcoming
events that matter.
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, you can look at
events in the past, today and in the future by clicking on buttons such
as “Monday”, “Wednesday” and “Next Week”. Next, select the “Country” and
“Importance” buttons to look at the events that are most relevant to
you.
For example, if youre trading JPY/USD and want to focus on
recent news coming out of Japan and the United States that is of high
importance, your filter would look like this:
Once you select
the “Japan” and “United States” buttons, you should only see Japan and
US news announcements that have a high possibility to move the market
should the news surprise traders and institutions.