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You might have a great handle on economic data published in the U.
With so many people poised to react to the same information, economic indicators have tremendous potential to generate volume and to move prices. It might seem like you need an advanced economics degree to parse all this data accurately — but in fact traders need only keep a few simple guidelines in mind to making trading decisions based on this data. Know exactly when each economic indicator will be released. Watching the economic calendar not only helps you consider trades around these events, it helps explain otherwise unanticipated price actions during those periods.
On Friday, however, U. If that report looks promising, traders may start unwinding their short positions before Friday, leading to a short-term rally in USD through the week. You need not understand every nuance of each data release, but you should try to grasp key, large-scale relationships between reports and what they measure in the economy.
Not all economic indicators can move markets. The market often pays more attention to certain indicators under certain conditions — and that focus can change over time. For example, if prices inflation are not a crucial issue for a given country, but its economic growth is problematic, traders may pay less attention to inflation data and focus on employment data or GDP reports. Often the data itself may not be as important as whether or not it falls within market expectations.
If a given report differs widely and unexpectedly from what economists and market pundits were anticipating, market volatility and potential trading opportunities may result. At the same time, be careful of pulling the trigger too quickly when an indicator falls outside expectations. Each new economic indicator release contains revisions to previously released data.
While your macroeconomics professor may appreciate all the nuances of an economic report, traders need to filter data judiciously for their own purposes: For example, many new traders watch the headline of the employment report, assuming that new jobs are key to economic growth. That may be true generally, but in trading terms non-farm payrolls is the figure traders watch most closely and therefore has the biggest impact on markets.
Similarly, PPI measures changes in producer prices generally — but traders tend to watch PPI excluding food and energy as a market driver. Food and energy data tend to be much too volatile and subject to revisions to provide an accurate reading on producer price changes. Hopefully this has helped you realise the importance of watching economic indicators — and knowing which data are most likely to move markets and impact currency traders.
You might have a great handle on economic data published in the U. Doing your homework before trading any currency will help you stay on guard. You have probably heard it before: Every trader should have a winning trading plan, and they should follow it.
I am saying it here, again, but I am going to explain how to build a winning trading plan and go about actually making the plan or how exactly to follow it. Many traders make the mistake of just trying to. How to develop a forex trading plan and strategy according to each trader All day thousands of traders try their luck in the market hoping to obtain high profits quickly, however only a small percentage reaches succeed.
Most end up failing and exiting the market because like everything in life, to be successful in trading is required of an appropriate. Introduction to Economic Indicators This also is not my writing, this information is also collected from forex.
Every time I visit the site, it is informative to each post. That is if you do not share this post so many, especially those who are browsing on the forest, and have them share in my blog again. Hopefully, even the slightest. Introduction to Fundamental Analysis I confess that in the first place, it is not my writing.
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