Forex Trading News
What to Watch For
Keeping up with Forex trading news is essential if you want to be successful in the foreign exchange market. Regardless of the Forex system you have, a news announcement can affect you. When looking at the Forex calendar, it is important to know which announcements to look out for. Here are a few of the announcements that could send your trade reeling.
Non-farm payroll is an economic statistic that is kept track of by the Bureau of Labor Statistics. This statistic tells you how much payroll is reported that does not include government workers, nonprofit workers and farm employees.
When this statistic is announced, it can significantly change the value of a currency pair.
It is announced once a month and you should generally be out of any trades before it is announced. Otherwise, you should expect your trade to move in one way or the other by many pips. If you choose the wrong direction, I don't want to have to say "I told ya so," but I will.
The retail sales announcement or country can also be a big one. When looking at the Forex calendar, you need to see which currency the announcement affects and then pay attention to what trades you are in when examining Forex information. This number tells you how much a country has reported in retail sales over a given period. It can significantly affect the value of a currency.
Important Person Speaks
Obviously, it won't be called "Important Person Speaks", but I hope you get the idea. For example, if you were talking about the United States, it might say, "Fed Chairman Bernanke Speaks." When someone like this speaks, they can give insight into economic policy. This can significantly affect the value of the currency immediately.
Another big announcement that can significantly affect the price of a currency pair deals with employment data. This could be called "employment change" or "unemployment." This basically tells you how many people are out of work in a country and how many more jobs were created in the last month or quarter. This one can significantly affect the strength of the currency.
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