TradersThe Economic Calendar: The Page to Check Before You Trade
Some of the biggest moves in forex and gold happen at times you can know in advance. The economic calendar tells you when, and a few simple rules keep you out of the worst of it.
Written By
Karolina Hansen
Key Takeaways
- The economic calendar lists scheduled data releases and central-bank decisions, with the time and the expected result.
- High-impact events, like the US jobs report, US inflation (CPI) and Federal Reserve decisions, can move forex and gold sharply in seconds.
- Around big releases, spreads often widen and your order can be filled at a worse price than you asked for.
- A beginner doesn't need to trade the news. You just need to know when it's coming and have a rule for what you'll do.
Most market surprises aren't surprises at all. A lot of the sharpest moves in forex and gold happen at a time that was published days or weeks earlier. The page that tells you when is the economic calendar. It's free, it takes two minutes to read, and I'd check it before every session. If you only add one habit this month, make it this one.
What the Economic Calendar Is
It's a timetable of scheduled economic events. Governments and central banks release data on fixed dates: employment numbers, inflation, growth, interest-rate decisions. Each one tells the market something about how an economy is doing, which affects what people expect interest rates to do, which affects currencies and gold. Many broker websites and financial news sites publish a calendar, and most let you filter by country and by how important the event is.
How to Read One Line
Time
When the number comes out. Set the calendar to your own time zone first.
Currency
Which economy it's about, such as USD, EUR or GBP.
Impact
Usually low, medium or high. Often shown as colours or bull icons.
Event
The name of the release, for example US CPI or Non-Farm Payrolls.
Forecast
What economists expect the number to be.
Previous and actual
Last month's figure, then the real number once it's released.
The Events Worth Knowing First
You don't need to learn every line on the calendar. Start with the handful of US events below, because they move the dollar, and the dollar sits on one side of most of what beginners trade, including gold (XAUUSD).
| Event | What it measures | When it usually comes out |
|---|---|---|
| US jobs report (Non-Farm Payrolls) | How many jobs the US economy added, plus unemployment and wages | Usually the first Friday of the month |
| US CPI | How fast consumer prices are rising (inflation) | Once a month |
| Federal Reserve rate decision | The US interest rate, plus the statement and press conference | About eight times a year |
| Other central-bank decisions | Interest rates for the euro, pound, yen and others | On each bank's published schedule |
Why Price Jumps and Spreads Widen
In the minutes before a big release, many of the banks and firms that provide prices pull back, because nobody wants to be caught on the wrong side of the number. With fewer prices on offer, the gap between the buy and sell price (the spread) gets wider. Then the number lands, everyone reacts at once, and price can jump several dollars in a second. Your order gets filled at the next available price, which may be worse than the one you asked for. That's called slippage.
Illustrative example: gold spread around a big US release
Slippage is easier to understand in dollars. Say you bought 0.10 lots of gold at 4,000 with a stop-loss at 3,990. On 0.10 lots, every $1 move is worth $10, so you planned to lose $100 at most. If the number comes out and price drops straight through your stop, you might be filled at 3,985 instead.
Planned loss vs loss with slippage, 0.10 lot of gold
Simple Rules Around the News
Check it before you start
Filter to high impact and the currencies you trade. Write the times in your daily plan.
Pick a quiet window
Decide how long you'll stay out before and after a big release. I'd use about 15 minutes either side as a starting point and adjust from there.
Decide about open trades
Choose in advance whether you'll close, reduce or leave an open trade before the number. Don't decide in the moment.
Note it in your journal
Tag any trade taken near news. After a month you'll see whether those trades help or hurt you.
Staying out
No new trades around high-impact releases
- Avoids the widest spreads and the worst slippage
- You may miss some big moves
- Simple to follow
Best for: Most beginners
Trading the release
Entering just before or just after the number
- Fast, unpredictable moves
- Wider spreads and slippage
- Needs experience and a tested plan
Best for: Experienced traders with a tested approach
A simple daily checklist with space for the day's news times and your rules around them.
Download the free Daily Discipline TemplatePlan each day, journal every trade and pick up the next lesson in your free dashboard.
Create your free accountFrequently Asked Questions
Many brokers and financial news websites publish one for free. Pick one, set it to your time zone and filter it to high-impact events for the currencies you trade.
Most beginners are better off staying out around high-impact releases until they understand how spreads and slippage behave. Watching a few releases on a demo account is a good way to see it for yourself.
No. Many low-impact releases barely register. Start with the high-impact ones, especially US jobs, US inflation and central-bank interest-rate decisions.
It still triggers, but in a very fast move it may be filled at a worse price than you set. That gap is called slippage, and it's why your actual loss can be larger than planned.
Educational content only, not financial advice. Trading involves risk, and past performance does not guarantee future results.
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