How to read an economic calendar

An economic calendar lists scheduled reports and announcements, like jobs numbers, inflation and interest rate decisions. These can move currency prices a lot in a few seconds, so traders check the calendar every day.

The columns

• Time: when the number comes out.
• Currency: which currency it mostly affects. US reports affect USD, so EUR/USD, USD/JPY and others can all move.
• Impact: how much it usually moves the market. High-impact events (like US Non-Farm Payrolls, CPI inflation, or central bank rate decisions) are the big ones.
• Forecast: what economists expect.
• Previous: last time's number.
• Actual: the real number, filled in when it's released.

Why the surprise matters

Prices usually react to the difference between actual and forecast, not the number itself. If inflation was expected at 3.0% and comes in at 3.4%, that's a surprise, and the currency can move fast. If it comes in right at 3.0%, the market often barely reacts, because it was already expected.

Practical tips

• Check the calendar before you open a trade, not after.
• Spreads often widen and prices can jump past your stop around big news.
• Many prop firms restrict trading a few minutes before and after high-impact news. Know your firm's rule.

On Pipzilla's calendar, you can tap an event to see a plain-English explanation of what it measures and why traders care.

Open this week's economic calendar →

For learning only, not financial advice. Trading on margin is high risk.