INVESTORS FOREX One of the great advantages of trading currencies is that the forex market is open 24 hours a day (from 5pm EST on Sunday until 4pm EST Friday). Economic data tends to be one of the most important catalysts for short-term movements in any market, but this is particularly true in the currency market, which responds not only to U.S. economic news, but also to news from around the world. With at least eight major currencies available for trading at most currency brokers and more than 17 derivatives of them, there is always some piece of economic data slated for release that traders can use to inform the positions they take. Generally, no less than seven pieces of data are released daily from the eight major currencies or countries that are most closely followed. So for those who choose to trade news, there are plenty of opportunities. Here we look at which economic news releases are released when, which are most relevant to forex (FX) traders, and how traders can act on this market-moving data.
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Which Currencies Should Be Your Focus?
The following are the eight major currencies:
1. U.S. dollar (USD)
2. Euro (EUR)
3. British pound (GBP)
4. Japanese yen (JPY)
5. Swiss franc (CHF)
6. Canadian dollar (CAD)
7. Australian dollar (AUD)
8. New Zealand dollar (NZD)
This is just a sample of some of the more liquid derivatives based on the currencies above:
As you can see from these lists, the currencies that we can easily trade span the entire globe. This means that you can handpick the currencies and economic releases to which you pay particular attention. But, as a general rule, since the U.S. dollar is on the “other side” of 90% of all currency trades, U.S. economic releases tend to have the most pronounced impact on the market.
Trading news is harder than it may sound. Not only is the reported consensus figure important, but so are the whisper number and the revisions. Also, some releases are more important than others; this can be measured in terms of both the significance of the country releasing the data and the importance of the release in relation to the other pieces of data being released at the same time.
forecast USD | CAD Currency pair US Dollar Canadian Dollar USD/CAD is trading at 1.2479. The pair is trading below the Ichimoku Kinko Hyo Cloud, which indicates a change in the trend in favor of a downward trend in the pair US Dollar Canadian Dollar. Ichimoku Kinko Hyo Cloud is expected to test near the level of
forecast USD | CHF Currency pair USD/CHF US Dollar to Swiss Franc is trading at 0.9811. The pair is trading above the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in the Dollar/Franc pair. The test area of Ichimoku Kinko Hyo final lines near the level of 0.9780 is expected, from which it is expected to attempt
Forecast USD | JPY Currency pair USD/JPY US Dollar to Japanese Yen is trading at 113.27. The pair is trading above the upper Ichimoku Kinko Hyo Cloud, indicating an uptrend in the pair of Dollar/Yen. The test area of Ichimoku Kinko Hyo signal lines near the level of 112.90 is expected, from which it is expected to
forecast GBP | USD Currency pair Pound Dollar GBP | USD is trading at 1.3159. The pair continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a downward trend in the Pound/Dollar pair. Ichimoku Kinko Hyo Cloud near the level 1.3160 is expected to be tested, from which it is
EUR | USD prediction The currency pair Euro Dollar EUR/USD continues to move within the framework of growth. At this point, we should expect a test level of 1.1915, where again we should expect a rebound and a fall of the pair in the area below the level of 1.1680. EUR/USD prediction & technical analysis on October