Reading a calendar in four steps
Check the time zone
Calendars show release times in a selected time zone. Checking that times are set to your local time also avoids differences around daylight-saving changes.
Look at the currency
Each row shows the country or currency the figure belongs to. Focusing on the currencies in the pairs you follow or hold positions in keeps the calendar manageable.
Read the impact level
Calendars usually mark releases as high, medium or low impact. The mark is a general indication of how much the release has moved the market in the past; it is not a forecast.
Compare expectation, previous and actual
The published figure is read together with the market expectation and the previous period's value. The market reaction often depends on how far the figure differs from expectations, and whether the previous value was revised matters too.
The parts of a calendar row
Calendars look different, but each row usually carries the same information.
- Time
- The scheduled time of the release, in the selected time zone.
- Currency
- The country or currency the figure belongs to, such as USD, EUR or TRY.
- Release
- The name of the figure or event and the period it covers, for example monthly inflation or a rate decision.
- Impact
- A general classification of how much the release may move the market: high, medium or low.
- Actual
- The figure published at release time; it is blank until then.
- Forecast
- A summary of the forecasts compiled before the release.
- Previous
- The figure published for the previous period; it may since have been revised.
Impact levels
The impact level is a general, qualitative classification of how much a release may move the market.
High impact
Releases such as policy rate decisions, inflation and employment data belong here. At the moment of release and just after, spreads can widen, prices can move fast and sharply, and orders can be filled at levels different from those expected.
Medium impact
Figures such as retail sales, industrial production and leading indicators usually belong here. Their effect depends on what the market is focused on at the time; sometimes they cause a clear move, sometimes a limited one.
Low impact
Narrower figures and secondary indicators belong here. On their own they usually cause a limited reaction, but they can draw attention if they differ sharply from expectations or come out at the same time as a major release.
This page is a guide to reading a calendar and contains no live data. Release dates and times are published on the websites of central banks and official statistics agencies.
During high-impact releases, prices can move very fast and stop-loss orders can be filled at a price different from the level set. Trading leveraged products carries a high level of risk, and you can lose all of the money you deposit.
Read the risk disclosureRead the fundamental analysis lesson
Frequently asked questions
Why do the times on the calendar change?
Countries switch to and from daylight-saving time on different dates. During those periods, release times can shift by an hour relative to your local time.
Where does the forecast figure come from?
The forecast is usually a summary of economists' and analysts' estimates. Different sources can publish different forecasts, and the forecast can change up to the release.
What can happen to my open position during a release?
The price can move fast, spreads can widen and orders can be filled at a price different from the level expected. Knowing these risks makes it worthwhile to review open positions ahead of major releases.
Is there a live calendar on this page?
No. This page is a guide; for release dates and times you can use the publications of central banks and official statistics agencies.
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