Current and Upcoming Forex Trades – May 29

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Contents

Economic calendar

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The real-time Economic Calendar covers financial events and indicators from all over the world. It’s automatically updated when new data is released. The Real-time Economic Calendar only provides general information and it is not meant to be a trading guide. FXStreet commits to offer the most accurate contents but due to the large amount of data and the wide range of official sources, FXStreet cannot be held responsible for the eventual inaccuracies that might occur. The Real-time Economic Calendar may also be subject to change without any previous notice.

Economic indicator analysis –>

Unemployment rate jumps to 4.4% but worst is yet to come

Somehow service sector still on its feet

Oil firm, greenback extends gains

Friday’s jobs report will look far better than it really is

Another 6 million+ unemployed and stocks rally.

Economic indicator news –>

European Monetary Union CFTC EUR NC Net Positions rose from previous €61.3K to €74.2K

Japan CFTC JPY NC Net Positions down to ¥18.3K from previous ¥23.9K

United Kingdom CFTC GBP NC Net Positions fell from previous £10.9K to £5K

Canada: March employment report to show a 250K decline in jobs – CIBC

NY Fed’s GDP Nowcast for Q2 2020 slumps to -0.4%

What do you know about Forex rates?

FXS Signals –>

What is the Economic Calendar?

FXStreet’s real-time Economic Calendar covers economic events and indicators from all over the world with:

  • 1000 events from 42 countries
  • Automated refresh when data is released
  • Countdown (time left before release)
  • Customizable local time
  • Sound notification (can be turned off)
  • Mobile-friendly
  • Historical graph
  • Related news and reports
  • Filter (by country, date, event category, volatility impact or keyword)

WHY SHOULD I USE IT?

It’s reliable. You can trust it.

It’s the most complete, accurate and timely economic calendar of the Forex market. We have a dedicated team of economists and journalists who update all the data 24h a day, 5 days a week.

Brokers and market makers offer FXStreet’s calendar to their clients as a tool to trade.

This is a proof that it’s a trusted, respected and widely used tool.

If you are a fundamental or a news trader, it’s a must

To trade Forex through fundamental analysis, you have to check how economies over the world are doing based on their macroeconomics data (such as GDP, employment, consumption data, inflation…), watching closely the countries of the currencies you are trading the most.

Our economic calendar is your companion, a tab that is always opened on your computer.

If you do not care about macroeconomics when trading, it’s still a useful tool

  • Avoid bad surprises: you can check when high volatility data are expected to be released in order to better manage your trades.

EIA Crude Oil Stocks change

Nonfarm Payrolls

FED Interest Rate Decision

FOMC Minutes

ECB President Draghi’s Speech

BOE’s Governor Carney speech

ECB Interest Rate Decision

BoJ Interest Rate Decision

BoE Interest Rate Decision

Bank of Japan Governor Kuroda Speech

API Weekly Crude Oil Stock

HOW TO…

…READ IT?

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All data are displayed in chronological order, divided by day. Released data are marked with a tick ( ) under the “time left” column. A light grey horizontal line shows you where we stand at the moment and below that line go all upcoming data. Time left before next release is indicated so you quickly grasp when this is coming. When a new data is released, the calendar page is automatically refreshed so you do not miss it. If you want, you can enable a sound notification for all releases.

  • Currencies

A flag icon indicates the country of the data release, and next to it, its currency. So you can quickly scan and see what currencies might be affected today or in some specific days.

Depicted as yellow/orange/red bars, the impact is a basic indicator of the potential move a data release might trigger on currencies. Shall a bar be red and long, market observers expect this data to have great probability to move the Forex market. Shall this bar be yellow and short, the probability is viewed as low. In orange, we’re just in between.

  • Actual/Deviation/Consensus/Previous

For all economic calendar indicators, you will find the Previous number: that is the data in its last release (frequency of data release is variable: it can be last month, last trimester…). For most indicators, we add a Consensus number: that is a general agreement of experts on the outcome of the number. When the Actual data is released, it’s immediately displayed at the right of the volatility indicator. Better or worse than expected? If we had a consensus published, it comes either in green (it means the data is better than expected) or in red (worse than expected). The Deviation ratio is an FXStreet exclusive calculation which measures the surprise caused by an event when the Actual data differs from the Consensus. Its number usually oscillates in an open scale between -7 and +7.

… FILTER DATA?

You might want to focus on some type of data and ignore the rest: less noise means more efficiency. Click on the button at the top of the economic calendar. You can type a keyword or select countries, dates range, event categories or impact levels. Then hit the “Apply” button. If you always need to see the same data when you come to our calendar, you can save your settings for the next visit! We said efficiency, right?

… GET MORE INFO ABOUT THE DATA

We have more to give you that just the data you see at first sight. If you click on the name of the event, that will deploy a space with more information:

  • Editor’s Notes (commentary and event previews from our editorial team, only included in the most important events)
  • Description of the event (what it is, who releases it, what it means for currencies…)
  • Link to official report (when a data has been released)
  • Link to the Dashboard page (where you will be able to see & analyze the historical data of the event and several advanced calculations on how it has impacted several major currency pairs over the years)

TRADING ECONOMIC EVENT: EXPERTS ADVICE

Big news events can, and often do, cause big swings with a single movement going several percent in one direction.

To know the events and releases better and learn different aspects that can influences or improve your trading, we collected some of the best educational articles, reports and videos about news trading. Check them out!

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Latest News

Dollar steady despite NFP plunging to historic lows
Oil restores gains as OPEC+ set for emergency meeting

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Situations When You Shouldn’t Trade Forex

The Forex market is the largest financial market in the world.

One of the reasons why the Forex market has such a large trading volume is because it’s an over-the-counter market which allows market participants to exchange currencies around the clock, five days a week.

However, despite its non-stop trading hours, there are certain situations during which you shouldn’t trade. They can increase your transaction costs, lead to high slippage, create fake breakouts and false signals, or simply lead to the accumulation of losing trades.

In this guide, we’ll tackle those situations during which you should stay away from trading, and show you what the best times to trade the market are.

Watch: What Makes a Successful Trader?

When Not to Trade

While the Forex market allows you to place trades around the clock, Monday through Friday, there are certain situations during which you should stay on the sideline. Some of the most important events which can cause erratic and unpredictable price movements are outlined in the following lines.

Try to avoid trading during these situations:

Bank Holidays

During bank holidays, many banks close their doors and don’t process market orders. Since the Forex market is an over-the-counter market in which banks play an extremely important role and are considered one of the market’s big players, bank holidays cause a drop in the overall trading volume, liquidity and predictability of price-moves.

You’ll see many currency pairs moving only modestly during bank holidays, and the lower liquidity will usually lead to higher transaction costs by wider spreads. If you’re a day trader or scalper, there is not much to look for in the market during bank holidays.

That being said, not all banks shut down at the same time. Bank holidays are linked to specific countries. For example, during a bank holiday in the United Kingdom, there will usually be a lower trading volume of the British pound. Similarly, a bank holiday in Australia or New Zealand will cause a drop in the trading volumes of the Australian dollar and New Zealand dollar.

To know which currencies should be avoided during bank holidays, you can follow a Forex calendar which lists the dates and countries in which there’re bank holidays.

Here’s a list of upcoming UK bank holidays in 2020 and 2020:

Early May bank holiday

Spring bank holiday

Summer bank holiday

High Impact News

Another situation when you want to avoid trading is during the release of high impact news. Again, a Forex calendar may be very helpful to mark those days and times when countries release their high impact reports. Examples of such reports are non-farm payrolls in the US. These are released each first Friday of the month. These include preliminary GDP reports, inflation reports, labour data reports and central bank meetings.

Currencies tend to become very volatile immediately after a high impact report is released, especially if the actual number differs to a large extent from the expected number. It’s not unusual for some currency pairs to move hundreds of pips, caused by the high trading momentum which occurs only seconds after the numbers are published.

Since we can’t know what the actual number will be and how currency pairs will react, the best trading decision that we can make is to avoid trading at all until the dust settles. The following table shows typical times when high impact reports are released by developed countries.

Important Central Bank Announcements

Central bank meetings and announcements have the potential to send shockwaves through the Forex market. Fortunately, many Forex calendars also include the times when important central bank meetings are scheduled. This becomes very important when a central bank, such as the Fed, discusses changes to their monetary policy.

Rate hikes and cuts always have a long-lasting impact on currencies, and while many changes to the monetary policy are often already discounted by the market, the central bank’s statement and minutes of meeting can shed new light on future monetary decisions which again have a large impact on the Forex market. That’s why you shouldn’t trade during important central bank meetings.

Don’t Chase the Market

Amateurs in trading often make the mistake to chase the market for tradeable setups, which often results in overtrading and losing trades. If you had a few losing trades in the morning, simply stop trading for the day. The market doesn’t owe you anything, and you’re letting your emotions to interfere with your trading decisions by chasing the market to recover your losses. Unfortunately, this trading behaviour usually leads to new losing trades.

Instead of overtrading, take a rest from your trading platform and go for a walk. Only relaxed and emotionally-balanced traders can make the most out of their trading. Exhaustion, distractions and impatience lead to a stressed trading environment and costly mistakes.

You need to balance your trading and personal time to avoid becoming overwhelmed with trading. Weekends are generally a great time to charge your batteries, since the market is closed on Saturday and Sunday.

Don’t Open Trades During Illiquid Market Hours

While bank holidays take the liquidity out of the market, there are also certain market hours whereby liquidity tends to fall. As a result, transaction costs rise and slippage eats into your profits.

As mentioned, Forex is an OTC market which trades during Forex trading sessions. These sessions span from New York in the United States, to London in the United Kingdom, to Tokyo in Japan and Sydney in Australia. These four trading sessions are the most important in the market, but not all four add the same amount of liquidity.

The London and New York sessions usually host the largest number of market participants and have the highest liquidity, while Asian sessions tend to be considerably smaller in their size. If you’re a day trader or scalper, you should avoid trading during Asian sessions, especially during the beginning minutes of the Tokyo or Sydney sessions.

What’s the Best Time to Trade Forex?

Now that we’ve covered when not to trade, here’re the best times to trade the Forex market.

Forex traders live on volatility, which means that the best trade setups are usually found when there’s enough volatility in the market. However, volatility can also work against you if the price goes against your favour. That’s why we won’t trade during high impact news releases despite the high volatility that they create, because we don’t know in which direction the market will go.

Day traders will find the lowest transaction costs and largest price-moves during the overlap of the New York and London sessions. The following table shows the open market hours of each of the four major Forex trading sessions.

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