News releases is a time to be focused and a time of utmost seriousness as most accounts are wiped off if you lose focus and not knowing how to go about it..
The following are the Forex News to watch out for and the Currencies it affects;
- Non farm payroll – USD (every 1st Friday of each month)
- Crude oil Inventories – CAD,USD
- GROSS Domestic Products – GBP, USD, CAD
- Employment Change – USD, AUD
- Bank Governors, President ECB and Fed. Reserve Chairs’ Statements-GBP, JPY, CAD, EUR, AUD, NZD, USD
- Consumer Price Index(C.P.I) – GBP, USD, NZD
- BOE MPC Meeting Minutes – GBP
- Core Retail Sales – CAD, USD
- Producers Price Index(P.P.I) – GBP, USD
- Retail Price Index(R.P.I) – GBP
- Core C.P.I – USD
- Trade Balance – GBP, CAD, USD, NZD, AUD
- FOMC, Statements, Meeting Minutes, Projections, Releases – USD
- Interest Rate Statements – EUR, JPY, GBP, USD
- Housing Starts – USD
- ADP Employment Change(Medium Impact) – USD
- Current Account Balance – JPY, GBP
- CBI Industrial Trends orders -GBP
- SNB Monetary Policy Assessment – CHF
- SNB Press Conference – CHF
- LIBOR Rates – CHF
- Official Bank Rates – GBP
- Minimum Bid Rates- EUR
- ECB conferences – EUR
- Retail Sales – USD,GBP,AUD
- Building Permits – USD
- Mid-year Economic and Fiscal Outlooks – AUD
- Unemployment Claims – USD
- Core Durable Goods – USD
- Consumer Confidence – USD
- PMI (Purchasing manager’s index) Manufacturing – GBP
- Construction PMI – GBP
- ISM(institute of Supply Mgt)Manufactory PMI – USD
- Service P.M.I -GBP
- RBA(Reserve Bank of Australia Governor Speaks -AUD
- Average Earnings Index – GBP
- Monetary Policy Statements – CAD,GBP,JPY,AUD,NZD
- Unemployment Rates- GBP,USD,AUD,NZD,JPY
- Core Durable Goods Orders – USD
- Inflation Expectation – NZD
Traders should learn to “Pend” their trades prior to the time of the “News Release” and not to use “Instant Execution” when the news is already released especially high volatile News Releases.
This is very important as any attempt to place trades immediately the News is released could result in either of the following; Trade context busy, requote, do you want to Buy/Sell?
These system delays could cost you a lot. It is therefore paramount to use “pending order” in placing trades, setting your stops and targets prior to the release of ‘News’. This is mostly the case in times of high volatile ‘News’ Such as Non-farm Payroll, F.O.M.C and various Economic blocks Chairmen/Bank Governors, President of ECB and Fed. Reserve Chairmen’s Speeches etc.
Please note that times of News releases/trading are not a time for fun or cracking jokes as are the cases with ‘Newbies’ and in most trading rooms. It is a time to be focused and a time of utmost seriousness as most accounts are wiped off if you lose focus and not knowing how to go about it.
Hence, it is advised that Newbies should trade cautiously and be more focused during news releases or rather wait for normal market situations to return.
For more information on how to trade profitably CLICK HERE..