Hi Guys,
I have started learning forex using a demo account. I checked yesterday EURUSD pair - it spiked around 150 + pips as highlighted.
I am trying to analyze why this happened - as part of my learning. Could you please help me on this ? Was there some news because of which this was in the chart? I read that one of the countries was upgraded from BBB to BBB+ ?
Regards
It’s called economic news release…all major countries release data throughout given hours of each day. Forex factory.com is a clean and understandable site for upcoming releases.
26 views ahead of me and no one was willing to say this? sad.
Tim
Hi Tim,
Thank you for the reply. Just wanted to understand which specific news caused this particular spike ? Was it the one I mentioned of the rating being upped from BBB to BBB + ?
Regards,
Simon
I got it - “EURUSD surges after weaker US employment report” - This right ?
// Posted another comment before this one. Not sure why it isnt here… //
Stop whatever you’re doing and spend a few months studying at the free school on here.
If you dont understand something as fundamental as what happened yesterday, you shouldn’t even be thinking of trading forex
What eddieb said… I have been practicing for 16 months and am in pre school to learn as much as I can. It was the weakness in factory orders that shot the euro up in my opinion.
Unless you are a guru who takes off to the moon, there are many aspects to trading, not to mention time experience, to grasp. I have come here to learn from those who have this experience, but must first learn all the basics. Time to go to school and do due study. No shortcuts for us average beings.
Tim
Thank you guys for the replies …
Regards
Simon James
The one you’ve illustrated there (“non-farm payrolls” = US unemployment figures announcement) is announced at 1.30pm (UK time) on the first Friday of every month.
It typically has a big effect on the USD and therefore on countless other currency-pairs.
It’s relevant to retail forex trading only for about 10 or 15 minutes per month.
Most brokers supply/offer/include some kind of “news feed” which announces these things on your screen.
heyy Simon,
the credit for the surge in the EURUSD pair can given to the weak NFP numbers from US. it triggered the huge sell off in US currency as weak data dampened the expectations that Fed is going to raise the interest rates this month or the next month.
Most of the big economic news releases will always create some movements on the forex market, but that doesn’t mean that you will know where the market will go. More important economic news are not the only moving factor in the forex market.
In order you to understand everything about forex trading you should spend few years of trading education.
Beg your pardon, but economic news IS the mover in all markets. It is positive or negative news that determines whether prices drive through support or resistance. Is this really difficult to understand?
