5 economic events you don't want to miss
At the start of every trading week, we comb the upcoming economic calendar for the highest-impact items in the world. Find out what’s coming up next.
Economic calendar summary
June's Nonfarm Payroll number (NFP) rounds out a week data releases in the US that could lead to price action across USD pairs. Australian interest rates are also on the docket as they look to hike once again, approaching similar rates to the US and Europe. Finally, Canadian unemployment numbers on the same day as US NFP could spike movement in USD/CAD which dropped throughout June.
Interest Rate Decision - Australia
Time: 12:30am ET Tuesday, July 4th
Previous: 4.1%
Expected: 4.35%
The Reserve Bank of Australia (RBA) is expected to raise interest rates 25 basis points (bps) after successive hikes at the past two meetings. Traders will likely look to AUS/USD for strength in the Australian dollar if the hike exceeds expectations or weakness if the RBA decides to reverse course.
FOMC Minutes - US
Time: 2:00pm ET Wednesday, July 5th
Previous: N/A
Expected: N/A
The release of the Federal Open Market Committee meetings provides more detail into the Fed's decision process and thoughts moving forward. With interest rates slightly above the Eurozone and the UK, pairs such as GBP/USD and EUR/USD could see movement pending strong language from the fed to either hike or slow interest rates.
Services PMI - US
Time: 10:00am ET Thursday, July 6th
Previous: 50.3
Expected: 51
June's services PMI in the US is expected to rise 0.7 to 51. With readings over 50 percent typically signalling an expanding sector of the economy, a fall under that threshold could lead to weakness in the US dollar across pairs.
Unemployment Change - Canada
Time: 8:30am ET Friday, July 7th
Previous: -17.3k
Expected: 20k
Forecasted positive unemployment change in Canada after observing a decrease in May. A significant divergence from this expected number could lead to price action in USD/CAD, which has recently fallen under 1.3200 for the first time in 2023.
Nonfarm Payrolls - US
Time: 8:30am ET Friday, July 7th
Previous: 339k
Expected: 200k
After last month's payroll numbers beat similar expectations of around 200k, another higher-than-expected NFP number could be favorable for the US dollar. Those anticipating strength in USD could look to GBP/USD which is coming off a yearlong high of 1.2800.
How to trade economic events
- Open an account to get started, or practice on a demo account
- Choose your forex trading platform
- Open, monitor, and close positions on forex pairs
Trading economic events with forex requires an account with a forex provider like IG. Many traders watch major forex pairs like EUR/USD and USD/JPY for potential opportunities based on economic events such as inflation releases or interest rate decisions. Economic events can produce more volatility for forex pairs, which can mean greater potential profits and losses as risks can increase at these times.
You can help develop your forex trading strategies using resources like IG’s Trading Academy. Once your strategy is developed, you can follow the above steps to opening an account and getting started trading forex.
Your profit or loss is calculated according to your full position size. Leverage will magnify both your profits and losses. It’s important to manage your risks carefully as losses can exceed your deposit. Ensure you understand the risks and benefits associated with trading leveraged products before you start trading with them. Trade using money you’re comfortable losing.
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