The Forex Factory calendar lists upcoming economic releases and central bank events, with an impact rating (red = high, orange = medium, yellow = low), the forecast, the previous value and the actual result when it's released. Traders use it to know when volatility is coming, avoid getting caught in news spikes, and plan trades around high-impact events such as CPI, non-farm payrolls and central bank decisions.
Most retail traders who get blindsided by a 60-pip spike weren't wrong about the chart. They didn't know a major release was due. An economic calendar fixes that, and Forex Factory's is one of the most widely used because it's free, fast and easy to filter. Here's how to set it up and use it properly.
Set it up first
Before reading anything, fix two settings:
- Time zone. Click the time display and set your local time zone. Otherwise every event time is wrong for you. This is the most common beginner mistake.
- Filter. Use the filter to show only the currencies you trade and the impact levels you care about. A EUR/USD trader might show USD and EUR, high and medium impact only.
Reading the columns
| Column | What it tells you |
|---|---|
| Time | When the data is released (in your chosen time zone) |
| Currency | Which currency the release mainly affects |
| Impact | Folder icon: red = high, orange = medium, yellow = low, grey = non-economic |
| Event | The release, e.g. CPI m/m, Non-Farm Employment Change |
| Actual | The released number (appears at release time) |
| Forecast | The consensus expectation |
| Previous | Last period's figure (sometimes revised) |
The actual number is shown in green or red when it's better or worse than forecast for the currency. The surprise versus forecast is what moves price, not whether the number is "good" in absolute terms. Click an event to see its history, what it measures, and how the currency usually reacts.
Score the Setup Before You Take It
TRADZY's Void Engine rates any setup 0–100 across 12+ variables: structure, trend alignment, volume, momentum and key levels.
Score a Setup Free →The events that matter most
| Event | Currency | Why it moves markets |
|---|---|---|
| CPI (inflation) | USD, EUR, GBP, others | Shapes rate expectations more than almost anything |
| Non-Farm Payrolls (NFP) | USD | First Friday of most months, 8:30 a.m. ET; big volatility across USD pairs and gold |
| FOMC rate decision and press conference | USD | Fed rate path; moves everything |
| ECB, BoE, BoJ, RBA, BoC, SNB decisions | Respective currency | Local rate path |
| PMI / ISM | Most majors | Early read on growth |
| Retail sales, GDP | Most majors | Growth and consumer strength |
| Central bank speeches | Varies | Can move markets when the tone shifts |
Red-folder events for the currencies in your pair are the ones to plan around. Stacked events (several reds in one hour) can produce the largest moves of the week.
Three ways to trade around news
1. Stay out. Flatten or avoid new entries from about 15 minutes before to 15 minutes after a red-folder release in your pair. This is the default for most traders and many prop firms, which often restrict trading around high-impact news.
2. Trade the reaction, not the release. Wait for the initial spike to settle (5–15 minutes), then trade the structure that forms: a retest of the pre-news range, or a continuation after a clean break. Spreads normalise and direction is clearer.
3. Trade the release itself. Straddles or instant entries at release time face widened spreads, slippage and whipsaws in both directions. This is not recommended for retail traders.
A weekly calendar routine
Sunday / Monday: set the filter to your currencies and high/medium impact. Note every red event this week in your trading plan with its time.
Each morning: check the day's events. Mark on your chart where you'll stop trading and when you'll re-assess.
After big releases: note the actual vs forecast and the price reaction in your journal. Over time you build your own record of how each release moves your pairs.
This matters more if you trade the London and New York sessions, when most major data lands. See how to trade the London session and the New York session.
Beyond forex
The same calendar matters for stocks, indexes, gold and crypto. A hot US CPI print can move the Nasdaq, gold and Bitcoin within the same minute. If you're trying to explain a sudden drop in stocks, the calendar is step one. See Why Is the Stock Market Down Today?
Common mistakes
- Wrong time zone setting. Always check it first.
- Ignoring medium-impact events in thin sessions, where they can still cause spikes.
- Forgetting holidays. Liquidity drops when major centres are closed.
- Trading the headline number only. Revisions to the previous figure and details inside the release (such as core vs headline CPI) can reverse the first reaction.
Log whether each trade was taken near a news event. TRADZY's TradLog lets you tag news trades, so you can see whether trading around releases helps or hurts your results.
FAQ
What do the colours mean on the Forex Factory calendar?
The folder icons show expected impact: red is high, orange is medium, yellow is low, and grey is non-economic (such as holidays). In the Actual column, green or red text shows whether the result was better or worse than forecast for the currency.
How do I change the time zone on Forex Factory?
Click the time shown on the calendar page and choose your time zone in the settings. Event times then update to your local time.
Which news events move forex the most?
Central bank rate decisions, inflation (CPI) and US non-farm payrolls usually cause the biggest moves, followed by GDP, PMIs, retail sales and major speeches.
Should I trade during news releases?
Most retail traders are better off avoiding the first minutes after a high-impact release, when spreads widen and price whipsaws. Trading the structure that forms afterwards is usually safer.
Is the Forex Factory calendar free?
Yes. The calendar is free to use, and a free account unlocks saved settings and filters.
Put This Into Practice
- Score your next setup 0–100 with the Void Engine before entering
- Log the trade and tag the setup in the TradLog
- Review weekly: keep what pays, cut what doesn't
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Educational content, not financial advice. Trading involves substantial risk of loss.