Hello,
I have traded with and without a news calendar open many times now. And I have been left wondering what all the acronyms mean (PMI, YoY, MoM, etc.). Of course I have been able to research them on my own and decipher what they mean but what I would really like is a book that details the forex economic news calendar and explain how each piece of data effects the markets.
Does anyone have any suggestions? I’m looking for a comprehensive read.
Thanks!
Hey, I totally get where you’re coming from - the acrynoyms can be really overwhelming in the beginning. I would suggest reading “Trading Economics: A Guide to Economic Indicators and Their Impact on the Market” by Trevor Williams and Victoria Turton. It talks about the indicators you mentioned and how they move in the market.
You can also check out “Day Trading and Swing Trading the Currency Market” by Kathy Lien. It’s not specifically about the economic indicators but it does talk about the data points and their affect on the currencies.
Let me know how it goes!
Hi @gobble
Good suggestions by @ChelseaR . But, you may also check investing.com Economic Calendar and may check the upcoming events on a daily or weekly basis as shown in the screenshot and link attached.
https://www.investing.com/economic-calendar/
Let’s say today Two US events are to be released at 18.30. So you can click any event and get brief info about the event as well as what its Actual value will impact if it is announced below or above the forecasted value. The screenshot and link are mentioned below.
https://www.investing.com/economic-calendar/core-retail-sales-63
I hope it will help you understand the brief info on the economic indicators as well as how they impact the markets.
Sufshiken
Thank you for reading material Chelsea it’s kind of you.
Hey Sufshiken, great idea - I was cruising write ups like these earlier on in my journey. They are definitely helpful.
It seems you may be on to something new for me though as they specifically mention how to interpret the news with the “expected reading”. Care to elaborate more on your experience?
I think you need to know only 5-6 indicators or releases which impact markets to the extent that it is noticeable and present market opportunities due to increased volatility. Such reports are NFP, inflation reports, PMI data, GDP, initial unemployment claims (US data), JOLTS open vacancies data (US Data). The rest are central bank speeches.
