Not every piece of news is going to affect the forex market in significant ways. However, certain pieces of information affect the forex markets in different ways.
These can include economic data compilations as well as employment numbers. Since this data dictates how economies function in the long run, they are critical.
Here is some news that you need to watch out for that may affect your forex day trading strategy.
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Employment Data Affecting Forex
The number of people being employed in a country or the ones being laid off is a massive indicator of economic conditions. It shows how many more people will be contributing to the economy. A slide in those numbers could mean the economy will suffer, and a boom could be it will improve.
High unemployment also puts a strain on a country’s resources.
It means fewer people are producing and more consuming. That creates an imbalance that will eventually put more strain on the government and the private sector. This is part of the forex trading basics.
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Forex Day Trader Economic News
Economic news that affects the forex market can come in the form of GDP figures, the Consumer Price Index, etc. All of these indexes and indicators speak to the health of an economy and the health of a currency. This, in turn, helps traders figure out whether they want to invest in that currency.
This is part of the forex trading basics.
However, not all economic numbers spell euphoria or depression for traders. Some are run of the mill numbers that indicate that an economy is doing fine. Pulling out, selling, or buying spikes usually depend on news that is either devastating or exhilarating.
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Policy Makers and Central Banks
The news that genuinely moves the market, however, comes from the most prominent policymakers. These can include the federal reserve, the financial authorities, the central banks, etc.
Their policies can affect the long-term dips and booms in economies for years to come. They can determine whether a trader should invest in one currency or another. So people do have to change their forex day trading strategy based on these pieces of news.
It’s very often that the policy changes aren’t significant enough to trigger a giant unloading frenzy. However, it is mostly the case that big buys and big sales are made based on those decisions.
Forex Institutions
Institutions like these can include the European Central Bank, the Federal Open Market Committee, the World Bank, the IMF, etc. The good thing is that these institutions rarely make moves that aren’t already anticipated.
Since their influence is so enormous, the decisions they make affect everyone. Hence, most people, including traders, are already in the know when the decisions come out.
It’s sporadic that these decisions surprise the market. However, they do influence it more than any other type of news.
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Key News Releases in Different Countries or Regions
These are not just timings for crucial news releases, but times when traders act on them. For every region, it is different. All the schedules listed here are EST.
US USD 8:30-10:00 am
Japan JPY 6:50-11:30 pm
Canada CAD 7:00-8:30 am
UK GBP 2:00-4:30 am
Italy EUR 3:45-5:00 am
Germany EUR 2:00-6:00 am
France EUR 2:45-4:00 am
Switzerland CHF1:45-5:30 am
New Zealand NZD 4:45-9:00 pm
Australia AUD 5:30-7:30 pm
Monitoring these times for relevant news can help you shift your forex day trading strategy appropriately according to the news.
