Economic Calendar Content

Economic Calendar Content

The economic calendar is a chart indicator for key economic figures of different countries around the world. An economic calendar is always a salient feature of different forex brokers. 

This tool is analyzed and used as a reference for traders to know updates about GDP, industrial production, Producer Price Index, Purchasing Manager’s Index, Consumer Confidence Index, Consumer Credit report, Employment rate, Factory Orders, Retail Sales, and Trade Balance. 

These key figures significantly affect the rates of currency exchanges and other security prices in the financial markets, making the economic calendar an essential trading tool. 

The Forex economic calendar varies from one forex broker site to another. The featured key figures reports also differ depending on the broker’s focus as well as the economic events the brokers are interested looking into. 

For instance, the economic calendar for USA is the focus of a broker site while the economic calendar for China is the focus of another site. These two largest economies of the world are usually always present in most (if not all) economic calendar features of brokerage sites as they heavily impact the financial markets.

 Customizing Economic Calendar

Experienced brokers have learned to customize their economic calendars with respect to their preferred trade types and asset classes. The geographical aspect also comes into consideration. When customizing an economic calendar, traders need not limit feeds on central bank releases and other government developments. 

A trader, for instance, may opt to create an economic calendar about major developments from gold producing countries while also including other U.S. related updates and status reports. This way, the economic calendar is customized as a trading tool just like other trade indicator tools.

Economic Calendar Content

Maximizing Economic Calendar

Day traders or intraday traders can maximize the usefulness of the economic calendar as part of their trading tool. Intraday trading is the best way to go when the market seems unmoving. When the economic data are made available, intraday traders get their noses ahead and trade as they study the data. 

Breakout levels are one of the many means day traders look into after economic data releases. To do this, a trader looks at all the key levels set for the long side and short side. The trader now focuses on a particular economic development and compares it to previous data released. After getting a comparative study, the trader sets his key levels. Identifying the support and resistance levels come next at work. At this point, the trader decides as to how he would like to enter the markets. The trader can either enter the market through placing orders manually or create entry orders. 

The timeliness of the release of the economic data makes the economic calendar relevant and crucial to the trader’s decision buying and selling currencies. The market movement highly affects a trader’s choices when trading which in essence, becomes an employed trading strategy to win a trade.