How to Use a Forex Economic Calendar (Complete Guide)

Every successful forex trader uses an economic calendar. It’s not optional—it’s foundational.

The calendar tells you what’s happening when. Which releases will move your pairs. When to be cautious with open positions. When opportunities are coming.

This guide covers how to read economic calendars effectively, which events matter, and how to build a weekly routine that keeps you informed without overwhelming you.

What Is an Economic Calendar?

An economic calendar is a schedule of upcoming economic data releases, central bank meetings, and other events that can impact financial markets. For forex traders, it shows which events might move currency pairs and when to expect volatility.

Each calendar entry typically includes:

• Time: When the data releases (usually in your local timezone)
• Event: What’s being released (NFP, CPI, rate decision, etc.)
• Currency: Which currency is affected
• Impact: Expected significance (high, medium, low)
• Previous: Last release’s result
• Forecast: Analyst consensus expectation
• Actual: The real number (populated after release)

Best Economic Calendars for Forex Traders

Forex Factory

Forex Factory is the industry standard. Clean interface, customizable filters, and an active trading community. Most retail forex traders use this as their primary calendar.

Pros: Easy to use, great filtering, forum discussions on events
Cons: Focused mainly on major currencies

Investing.com

Investing.com offers the most comprehensive coverage, including emerging market data. Good for traders who watch multiple asset classes.

Pros: Extensive coverage, historical data, mobile app
Cons: Can feel cluttered with so much data

TradingView

TradingView integrates calendar events directly on charts. You can see exactly where historical releases occurred and their impact.

Pros: Chart integration, visual context
Cons: Requires TradingView account for full features

Broker Calendars

Most brokers provide built-in calendars through their platforms. Convenient if you prefer everything in one place, though often less detailed than dedicated calendar sites.

Understanding Impact Ratings

Calendars use color-coding or symbols to indicate expected market impact:

Impact Level	Typical Color	What It Means	Examples
High	Red/Orange	Frequently causes significant price movement	NFP, rate decisions, CPI, GDP
Medium	Yellow/Orange	Can move markets, especially on surprises	Retail sales, PMI, trade balance
Low	Green/Gray	Rarely causes notable market reaction	Minor speeches, secondary data

Focus your attention on high-impact events. These are the ones that consistently move markets and deserve your preparation.

Reading Calendar Data: Previous, Forecast, Actual

Three numbers drive market reactions:

Previous

The result from the last time this data was released. Provides context for whether the economy is improving or declining.

Forecast

The consensus expectation from analysts and economists. This is what the market has already “priced in.” The forecast is your benchmark.

Actual

The real number, released at the scheduled time. This is what matters most.

How Markets React

The key equation:

• Actual > Forecast = Better than expected = Currency typically strengthens
• Actual < Forecast = Worse than expected = Currency typically weakens
• Actual = Forecast = As expected = Minimal reaction (usually)

The larger the deviation between Actual and Forecast, the larger the potential move.

Filtering Events: What to Focus On

A calendar can show dozens of events per week. You don’t need to track all of them.

Filter by Impact

Set your calendar to show only high-impact events. On Forex Factory, click the filter icon and select only the red-folder events. This immediately reduces noise.

Filter by Currency

If you only trade EUR/USD and GBP/USD, filter for USD, EUR, and GBP events. Ignore JPY, AUD, CAD unless they affect your pairs indirectly.

Filter by Time

If you trade the London session, focus on European and early US releases. If you trade Asian hours, prioritize JPY, AUD, and NZD events.

Must-Watch Events

Regardless of your filters, always know when these are scheduled:

• Non-Farm Payrolls (USD) — First Friday of month
• Interest Rate Decisions — Fed, ECB, BoE, BoJ, RBA
• CPI/Inflation Data — All major currencies
• GDP Releases — Quarterly for major economies
• Central Bank Speeches — Fed Chair, ECB President especially

Setting Up Alerts

Don’t rely on memory. Set alerts to notify you before high-impact events.

Calendar Alerts

Forex Factory and Investing.com let you create alerts for specific events. Set them 15-30 minutes before release time so you can prepare.

Email/SMS Alerts

Many services offer email or SMS notifications. Useful if you’re away from screens but want to know when major events are approaching.

Platform Alerts

Some trading platforms display calendar events in the corner of your chart. Enable this feature to stay aware without switching applications.

Mobile Apps

Both Forex Factory and Investing.com have mobile apps with push notifications. Set these for on-the-go awareness.

Building a Weekly Routine

Consistent traders build calendar review into their routine:

Sunday Evening: Weekly Scan

Spend 10-15 minutes reviewing the upcoming week:

• Identify all high-impact events
• Note which days have clustered releases
• Mark key events on your personal calendar
• Adjust your trading plan if necessary (lighter trading during major events)

Daily: 24-Hour Check

Each morning (or before your session), review the next 24 hours:

• What releases are scheduled?
• Do any affect your open positions?
• Should you close or reduce positions before an event?

Pre-Event: 30-Minute Preparation

Before any high-impact release:

• Confirm the scheduled time
• Note the forecast vs. previous
• Decide your approach (trade it, avoid it, reduce exposure)
• If trading, have your plan ready (entry, stop, target)

Calendar Use for Different Trading Styles

Day Traders

Daily calendar review is essential. You need to know exactly when releases will hit during your session. Many day traders avoid entering new positions 30-60 minutes before high-impact events.

Swing Traders

Weekly review with daily check-ins. Be aware of major events that could affect multi-day positions. Consider reducing position size or tightening stops before significant releases.

Automated/EA Traders

Program your EAs to pause or modify behavior around news. Many EAs have built-in news filters. If not, manually disable them during high-impact events to avoid erratic execution.

Automated traders running strategies 24/5 often use a forex VPS to ensure their platforms stay connected and can respond to calendar-triggered logic without interruption.

Understanding Revisions

Economic data gets revised. The NFP number released this month often includes revisions to the previous two months. GDP is typically released in three versions: advance, preliminary, and final.

Revisions can significantly impact market reaction:

• Strong headline + large negative revision = Mixed signal, muted reaction
• Weak headline + large positive revision = May offset the disappointment

When reviewing calendar results, always check if revisions are mentioned.

Common Calendar Mistakes

• Ignoring the calendar: Getting surprised by events is avoidable
• Trading every event: Not all news is tradeable. Be selective.
• Wrong timezone: Always verify your calendar is set to your local time
• Focusing on actual vs. previous: Markets react to actual vs. forecast, not actual vs. previous
• Ignoring speech events: Unscheduled comments from central bankers can move markets significantly

Frequently Asked Questions

What is the best forex economic calendar?

Forex Factory is the industry standard for most retail traders due to its clean interface and active community. Investing.com offers more comprehensive coverage including emerging markets. TradingView integrates calendar data directly into charts.

What do the impact colors mean on economic calendars?

Red (or orange) indicates high-impact events that frequently move markets significantly—NFP, rate decisions, GDP. Yellow indicates medium-impact events with moderate potential. Green or gray indicates low-impact events that rarely cause notable reactions.

How do I know which events will move the market?

Focus on high-impact events for the currencies you trade. The most reliable market movers are: interest rate decisions, employment data (especially NFP), inflation data (CPI), GDP releases, and central bank speeches. Events move markets most when the actual result significantly differs from the forecast.

Should I avoid trading during news events?

It depends on your strategy. Many traders avoid high-impact events due to increased volatility, spread widening, and slippage risk. Others specifically trade news. At minimum, be aware of upcoming news so you’re not surprised by sudden moves.

What does ‘Previous’, ‘Forecast’, and ‘Actual’ mean?

Previous is the result from the last release. Forecast is the analyst consensus expectation. Actual is the real number released at the scheduled time. Markets react based on how Actual compares to Forecast—beating expectations typically strengthens the currency, missing weakens it.

Final Thoughts

The economic calendar is one of the simplest yet most valuable tools in forex trading. It costs nothing, takes minutes to check, and prevents countless surprises.

Build calendar review into your routine. Sunday evening for the week ahead, daily for the next 24 hours, and 30 minutes before any major event. Filter aggressively—you don’t need to track everything, just what matters for your pairs and strategy.

For more on trading specific events, see our guides on how to trade NFP and trading interest rate decisions.