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
Attention shifts to Jackson Hole, Wyoming this week as central bank leaders and economists meet to discuss global issues and economic outlooks. Key speeches include Fed Chair Powell and ECB President Lagarde - both on Friday.
More data from the US includes housing data early in the week, existing home sales expected to remain steady month-over-month. Durable goods orders are also reported this week - expected to drop to -4.0%.
For movement in CAD, traders may look to retail sales from Canada Wednesday morning which are expected to level out; a positive or negative reading could cause strength or weakness in Canadian dollar, respectively.
Existing Home Sales - US
Time: 10:00am ET Tuesday, August 22nd
Transactions of existing homes (single-family, condominiums and co-ops) sunk last month to its lowest level in five months at 4.16 million. Sales are expected to slightly lower again this month by 0.01 million.
Practice trading economic events using a demo account
Retail Sales - Canada
Time: 8:30am ET Wednesday, August 23rd
Retail sales in Canada are expected to remain unchanged month-over-month. A divergence higher or lower could send price action into USD/CAD which has been trading above 1.3500 for the first time in two months.
Durable Goods Orders - US
Time: 8:30am ET Thursday, August 24th
Durable goods orders beat expectations last month for its fourth straight positive reading. The streak for this month-over-month manufacturing metric is expected to end on Thursday with a sharp drop forecasted to -4.0%.
Fed Chair Powell Speech - US
Time: 10:05am ET Friday, August 25th
After day one of the Jackson Hole Symposium, Jerome Powell kicks off day two with an update on the US economic outlook. His discussion could speak to the future of further monetary tightening in the fight against inflation.
ECB President Lagarde Speech - Euro Area
Time: 3:00pm ET Friday, August 25th
Following Fed Chair Powell, the president of the European Central Bank will also speak from Jackson Hole. Lagarde's commentary could send price action into EUR pairs as markets speculate on September's interest rate decision.
How to trade economic events
1. Open an account to get started, or practice on a demo account
2. Choose your forex trading platform
3. 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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