The first time you see a real economic calendar you wish you haven't gotten into trading at all. The abbreviations give you headache, the "colorful" digits are way too bright to look at and it just doesn't seem possible to comprehend! Have no fear, though. After this explanation things will definitely look easier!
So, first of all, lets look at all the columns of the economic calendar:
· Date - just the date when a particular event/release takes place
· Time – the exact time of the event
· Currency/Country – major currencies from countries such as Japan, UK, European Monetary Union, Switzerland, USA, Canada, Australia, New Zealand, Germany etc.
· Events/Release – economic events and indicators
· Actual – actual figures after their release. The moment the data is available it is compared to the economic forecast figures. The currency price decreases or increases instantly depending on the news of the events and indicators
· Forecast – what economists are expecting for the upcoming news release.
· Previous/Prior – figures from last release of economic calendar
For example, the continuously rising oil prices influence the currencies of countries that import oil. Once the oil prices go up the currency becomes weaker. The impact of the news is followed by maximum 10 minutes of market adaptive volatility and is completed by a new market change.
Economic calendar is one of the traders' tools in fundamental analysis. With Forex economic calendar you can see and predicts the way politics and economics influence currency market.