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The economic calendar is a must for many investors trading not only in Forex but also on financial markets. Macroeconomic data that may cause price movement in financial markets can be tracked easily through the economic calendar.The context of the economic calendar shows the day, time and importance of the data. Also, it momentarily shows the previous data, forecast and the announced (actual) data to the investor. Thanks to the economic calendar, the investor is able to take an appropriate investment position by understanding when the macroeconomic data may cause price movement and in what direction the forecast will be.
How to read Economic Calendar?
While tracking the economic calendar, we need to know in a good way what macroeconomic data the product we are trading will react to. We should be prepared for price movement of the data announced on the economic calendar by being aware of the importance of the data and its announcement day and time. Data with the importance level 1, may cause a little movement. Data with the importance level 2, is more important than level 1, and the data with the importance level 3 is the most important data and may cause more price movement compared to other data.