JustChartsHow to Read an Economic Calendar (Actual, Forecast, Previous)
An economic calendar lists scheduled data releases and central-bank events with their time, currency, expected impact, and three numbers: previous (last result), forecast (what economists expect) and actual (the new result). Markets move on the surprise — the gap between actual and forecast — and high-impact events usually move prices most.
The columns, explained
| Column | What it means |
|---|---|
| Time | When the data is published. Good calendars show it in your own timezone. |
| Currency | The currency most affected — USD for US data, EUR for eurozone data, and so on. |
| Impact | How much the event usually moves the market: high, medium or low. |
| Event | The release, such as CPI y/y, Non-Farm Employment Change or an interest-rate decision. |
| Actual | The newly published figure. Empty until the release. |
| Forecast | The consensus estimate from economists. |
| Previous | The prior period’s figure, sometimes revised. |
Why the surprise matters more than the number
Prices already reflect what the market expects. If inflation is forecast at 3.0% and comes in at 3.0%, there is often little reaction. If it comes in at 3.3%, that surprise forces traders to reprice interest-rate expectations — and the currency moves. That is why traders compare actual vs forecast first.
Keep in mind that “higher” is not always “better” for a currency: a higher unemployment rate or higher jobless claims is usually negative.
Which events matter most?
- Central-bank rate decisions and press conferences (Fed, ECB, Bank of England, Bank of Japan, Swiss National Bank, RBA, Bank of Canada).
- Inflation — CPI and PCE. See how CPI affects forex and gold.
- Jobs — US Non-Farm Payrolls, unemployment and wage data.
- Growth — GDP, retail sales and PMI surveys.
How traders use the calendar
- Check it every morning and before every trade.
- Filter to the currencies you trade and to high-impact events.
- Decide in advance: close, reduce, or hold positions through the event — and size accordingly.
- Avoid the spread spike: spreads often widen in the seconds around big releases.
- Read the details: revisions and sub-components can reverse the first move.
Frequently asked questions
What do red, orange and yellow mean on an economic calendar?
They show expected impact. Red (high) events such as NFP, CPI and rate decisions usually move markets most; orange is medium; yellow is low impact.
What is the forecast on an economic calendar?
It is the consensus estimate — the typical expectation of economists surveyed before the release. Markets react mainly to how far the actual number differs from it.
Why did the price move the opposite way to the data?
Often because of other details in the same release (such as revisions or wages), because the surprise was smaller than the market had positioned for, or because other news dominated.
Is the economic calendar free on JustCharts?
Yes. The JustCharts calendar shows this week and next week’s events in your timezone with impact filters and a countdown to the next high-impact release.
Put it into practice
Live charts, an economic calendar and trading calculators — free with a JustCharts account.
Open the live economic calendarThis article is for education only and is not financial advice. Trading leveraged products carries a high risk of losing money. Contract sizes, trading hours and leverage limits vary by broker and country — always check your own broker’s specifications.