Forex News Description – You’ll often hear us analyze every move in the chart, but what’s important is the news events that can cause those moves. In today’s environment of fiscal cliff and central bank intervention, you never want to be informed about the next central bank meeting or important news.
This article will introduce you to the DailyFX Economic Calendar so you know what to expect, and we’ll show you how to customize your calendar so you can focus only on news that’s relevant to you.
Forex News Description
By default, the calendar will show you all major economic news. For many of you, this will be too much information, so you will want to adjust the features.
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This is how you can customize the economic calendar. First of all, I would suggest changing the time to whatever works best for you. For most of you, this will be Eastern Standard Time. Then click the Filter button to view the events that are important to you. This will depend on the country and priority.
For example, if you are trading EURUSD, you will want to focus on the more important news coming out of Europe and the United States. Your filter will look like this
When you select “Apply filter” you should see only the news of the Eurozone and the United States, which have a strong tendency to move the market if the news surprises traders and institutions.
Some other useful points of using the economic calendar is that you are informed about what most of the news releases cover, as well as the date of each central bank’s announcement.
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If you’re not familiar with the Eurozone events of the German ZEW survey, you can click on the notes icon to get a breakdown of what’s covered:
Below is the central bank’s calendar for 2012. It will be updated at the start of the new year so you know when each meeting is well ahead of time.
We will also prepare articles before major rate decisions to let you know about possible adjustments based on market expectations. We recently put together an article ahead of the Reserve Bank of Australia’s interest rate announcement in early November.
For an overview of the upcoming week’s highlights, we recommend watching Jeremy Wagner’s US Opening Bell every Monday morning at 9:30 am EST. Jeremy breaks down the biggest events in the coming weeks that could move the market.
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DailyFX will give you all the news releases so you can know what is happening in the world and how it may affect your trading. The foreign exchange market, commonly known as Forex or FX, is a global market for trading one country’s currency for another.
The Forex market is the largest liquid market in the world, with trillions of dollars changing hands every day. It has no central location and is not controlled by any government agency.
Instead, forex is an electronic network of banks, stock brokers, institutional investors and individual traders (who mostly trade through stock brokers or banks).
The Forex market determines the daily value or exchange rate of most of the world’s currencies. If a tourist exchanges dollars for euros at an exchange office or bank, the amount of euros will be based on the current exchange rate. If imported French cheese suddenly costs more at the grocery store, it may mean that the value of the euro has increased against the US dollar in foreign exchange trading.
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Forex traders try to take advantage of constant fluctuations in currency values. For example, traders may expect the value of the British pound to strengthen. Traders will exchange US dollars for British pounds. If the pound gains strength, the trader can repeat the transaction and get more money for the pound.
In forex trading, currencies are listed in pairs such as USD/CAD, EUR/USD or USD/JPY. These represent the US Dollar (USD) versus the Canadian Dollar (CAD), the Euro (EUR) versus the USD, and the USD versus the Japanese Yen (JPY).
Each pair will have a price associated with it, for example 1.2569. If this is the pair USD / CAD, it means that it costs 1.2569 CAD to buy one USD. If the price rises to 1.3336, then now it costs CAD 1.3336 to buy one USD. The value of USD has increased against CAD so now it costs more CAD to buy one USD.
In the forex market, currencies are traded in lots called micro, mini and standard lots. The micro lottery is worth 1,000 of the given currency, the mini lottery is 10,000, and the standard lot is 100,000. Trading takes place in fixed currency packages. For example, a trader can trade seven micro lots (7,000), three mini lots (30,000) or 75 standard lots (7,500,000).
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Trading volume in the forex market is generally very large. According to the Bank for International Settlements, trading in the foreign exchange market in April 2019 averaged $6.6 trillion per day.
In the past, participation in the foreign exchange market was reserved for governments, large corporations and hedge funds. In today’s world, currency trading is as simple as the click of a mouse and access is not a problem. Many investment companies allow individuals to open accounts and trade currencies through their platform.
It’s not like a trip to the exchange office. The process is entirely electronic without exchanging money from one hand to another.
Instead, traders hold positions in a particular currency in the hope that there will be increased movement and strength in the currency they are buying (or weakness if they are selling) so that they can make a profit.
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First, there are fewer regulations, which means that investors are not subject to strict standards or regulations such as the stock market, futures and options. There is no clearinghouse and no central authority to regulate the forex market.
Second, because trading is not done in a traditional stock market, there are fewer commissions or fees than other markets.
Then there is no limit on when you can and cannot trade. Since the market is open 24 hours a day, you can trade at any time.
Finally, because the market is very liquid, you can enter and exit whenever you want, and you can buy as much currency as you can afford.
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The spot market is the easiest of the Forex markets. The spot exchange rate is the current exchange rate. A spot market transaction is an agreement to trade one currency for another at a fixed rate.
Spot transactions for most currencies are completed within two business days. The main exception is the US dollar against the Canadian dollar, which settles on the next business day.
The US dollar is the most traded currency. The most common pairs are USD to Euro, Japanese Yen, British Pound and Australian Dollar.
Trading pairs that do not include the dollar are called crosses. The most common crosses are the euro against the pound and the euro against the yen.
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The spot market can be very volatile. Short-term movements are dominated by technical trading, which is based on trading decisions on the direction and speed of currency movements. Long-term changes in the value of a currency are driven by fundamental factors such as the country’s interest rate and economic growth.
A futures trade is any trade that settles a future rather than a spot trade. The forward price is a combination of plus or minus a point forward rate that represents the difference in interest rates between two currencies.
Most forward contracts last up to one year into the future, but longer periods are possible. As in the spot market, the price is determined on the transaction date and the money is exchanged on the maturity date.
The future contract is adjusted according to the needs of the trading partners. They can be any number and fall on any day that is not a weekend or holiday in a country.
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Unlike the rest of the foreign exchange market, forex futures are traded on established exchanges, primarily the Chicago Mercantile Exchange.
Forex futures are derivative contracts where buyers and sellers agree to trade on a specific date and price.
This type of transaction is often used by companies that conduct most of their business abroad and therefore want to protect themselves from the serious effects of currency fluctuations. It also depends on the estimated trading.
Traders believe the European Central Bank (ECB) will ease its monetary policy in the coming months as the eurozone economy slows. Therefore, traders bet that the euro will fall against the US dollar and sell €100,000 short at an exchange rate of 1.15. In the next few weeks, the ECB is signaling that it may actually ease its monetary policy. This caused the euro to fall to 1.10 against the dollar. This creates a profit for the trader of $ 5,000.
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The trader received $115,000 by short selling €100,000. When the euro fell and the trader covered the short, it left him only $ 110,000 to buy back the currency. The difference between
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