Hence, it can affect the balance of trade of a currency, and influence market psychology. The U.S. Dollar is the de facto reserve currency in the world and the nonfarm payrolls data is usually released on the first Friday of each month by the U.S. While there is not an equivalent data release in every economy, you should definitely keep an eye on the U.S. NFP as it will eventually have major impacts on almost all currency dotbig forex pairs involving the U.S. While understanding monetary policy is difficult, even for veteran economists, the way to interpret this news is rather easy. If you see a forecast that says the Federal Reserve will likely increase the overnight rate, it will likely have a bullish effect on the U.S. So, for example, if the Japanese Central Bank keeps its rate unchanged, it will be a piece of bullish news for the USD/JPY.
- In fact, many traders think that the main purpose of fundamental analysis is to predict future interest rates of major central banks.
- First and foremost, the news calendar should never be used as a tool to help you enter the market.
- To do this, simply click the time in the upper right hand corner.
- You do not need to be an economist to understand how inflation affects a given set of currency pair, but some basic understanding would help you go the extra mile.
- The non-farm payroll figure is a key economic indicator for the United States economy.
Furthermore, low energy price means more disposable income will be left to consumers and it can create demand for goods and services, https://djinni.co/r/89430-chief-talent-officer-at-dotbig/ boosting sales. Hence, when OPEC increases production, it tends to increase GDP growth in the U.S., which has a large oil reserve.
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You see, banks also borrow money from each other, but they do it on an overnight basis. Central banks try to influence the overnight rate by lending in the money market at their own overnight rate and it is an important tool in their monetary policy arsenal. Most central banks https://djinni.co/r/89430-chief-talent-officer-at-dotbig/ try to limit inflation rate to 2.0% and use the CPI to measure it. However, the Federal Reserve, the central bank of the USA, uses the Personal Consumption Expenditureindex instead of CPI. Dollar and want to anticipate the future interest rate landscape, use the PCE index.
At this point you should have the Forex Factory calendar in front of you with each news event synchronized with your Forex local time. Next we are going to set the event filter to determine the type of news and currencies to display.