An economic calendar lists scheduled data releases and central bank events with their time, the forecast and the previous figure. Used once a week, it tells you when the markets you trade are likely to move sharply, so you can decide in advance whether to hold, reduce or avoid positions around those moments. The routine takes about fifteen minutes on a Sunday.
Key takeaways
- Each event shows the time, the forecast (consensus), the previous reading and, once released, the actual.
- The market reacts to the surprise: the gap between actual and forecast.
- Filter by the currencies and indices you trade, and by high impact.
- Convert every time to your own time zone, and watch clock-change weeks.
- Decide before the week starts what you will do with open positions at each event.
| Columns | Time · Currency · Event · Impact · Actual · Forecast · Previous |
|---|---|
| What moves prices | Actual vs forecast |
| Highest-impact events | Central bank decisions, CPI, payrolls, GDP, PMIs |
| Where | Marketsall economic calendar page |
| Routine | Sunday review, daily check, alerts before releases |
How to read a calendar entry
| Column | Meaning | Example |
|---|---|---|
| Time | Release time, in the calendar’s time zone | 12:30 UTC |
| Currency | The economy the data belongs to | USD |
| Event | The indicator or meeting | CPI m/m |
| Impact | Typical market effect: low, medium, high | High |
| Forecast | Economists’ consensus | 0.3% |
| Previous | Last reading, sometimes revised | 0.2% |
| Actual | The new figure, filled in on release | 0.5% |
In the example, inflation came in 0.2 points above forecast. That surprise, not the level itself, is what moves the dollar, bond yields and indices. Why markets sometimes react the “wrong” way is explained in why markets move before data and what priced in means.
A weekly planning routine
- Filter. Show only the currencies and indices you trade, and high and medium impact.
- Convert times. Set the calendar to your time zone, or note the UTC offset; watch weeks when clocks change.
- Mark the big three. Central bank decisions, inflation and jobs data for your main markets.
- Decide in advance. For each marked event: hold, reduce, set wider stops or stay out.
- Set alerts. Price or calendar alerts 15–30 minutes before each marked release.
- Check daily. Events can be added, moved or revised during the week.
Which events matter most
| Market | Events to mark first |
|---|---|
| US dollar pairs, US indices, gold | FOMC, CPI, Non-Farm Payrolls, PCE, retail sales |
| Euro pairs, DE40 | ECB decisions, euro area HICP flash, German Ifo and ZEW, PMIs |
| Sterling pairs, UK100 | Bank of England decisions, UK CPI and jobs, GDP |
| Yen pairs, JP225 | Bank of Japan decisions, Tokyo CPI, US yields |
| Oil and USD/CAD | EIA inventories, OPEC+ meetings, Canadian jobs |
| Commodity currencies | China PMIs, RBA and RBNZ decisions, GDP |
What to do with positions around releases
| Choice | Trade-off |
|---|---|
| Close or reduce | Removes event risk; may miss the move |
| Hold with the planned stop | Stop may fill beyond its level in a spike; see why your order filled at another price |
| Widen the stop and cut size | Same money at risk, more room for noise |
| Wait for the release, then act | Avoids the spike; spreads settle within minutes |
| Trade the release | Highest risk; see news trading risks |
Whatever you choose, decide it on Sunday rather than one minute before the release. Size the position so the worst realistic fill is affordable; see position sizing and why spreads widen around news.
Common mistakes to avoid
Using the wrong time zone. A release an hour earlier than expected catches open positions.
Watching only the headline. Revisions and sub-components can reverse the first reaction.
Filtering too narrowly. US data moves almost every market.
Deciding in the moment. Plans made before the release are better than reactions during it.
Risk warning. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money.
Frequently asked questions
How do I use an economic calendar?
Filter it to the currencies and markets you trade, mark the high-impact events for the week, convert the times to your time zone and decide in advance what you will do with open positions at each release. Check it daily for changes.
What do actual, forecast and previous mean on an economic calendar?
Forecast is the consensus expectation of economists, previous is the last reading and actual is the new figure published at release. Markets react mainly to the difference between actual and forecast.
Which economic events move markets the most?
Central bank rate decisions, inflation data such as CPI, employment reports such as US Non-Farm Payrolls, GDP and PMI surveys are generally the highest-impact scheduled events.
What time zone does the economic calendar use?
Most calendars let you choose. Release times are fixed in local time, so their UTC equivalent shifts when clocks change, and for a few weeks each year the US and Europe change on different dates.
Should I close trades before high-impact news?
It depends on your plan and position size. Closing or reducing removes event risk; holding means accepting that spreads widen and stops can fill beyond their level. The key is to decide in advance.
Related reading
Write this week's event plan
List this week's high-impact releases from the economic calendar one line each, with the action you chose beside every event, so your trading journal can later show whether the plan held up.
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