The three columns
Every calendar entry shows previous (last time's number), forecast (what economists expect) and, when it lands, actual. The market has already priced in the forecast. What moves price is the gap between actual and forecast — a surprise — not the number itself.
A strong jobs report that was expected is a non-event. A weak one that was not expected is a 100-pip candle.
Impact levels
Calendars flag events as low, medium or high impact. High-impact events for the major currencies:
| Currency | Events to watch |
|---|---|
| USD | Non-farm payrolls, CPI, FOMC rate decision, GDP |
| EUR | ECB rate decision, flash CPI, PMIs |
| GBP | BoE decision, CPI, employment |
| JPY | BoJ decision, Tokyo CPI |
NPE Market's economic calendar lists them with times converted to your zone.
What happens at release
- 1.Seconds before: liquidity thins and the spread widens.
- 2.At release: a fast move, often in both directions before it settles.
- 3.Minutes after: the "real" direction emerges as the market digests the details.
Stops are executed at the next available price in that first move, which can be far beyond the stop level. That is not the broker malfunctioning; it is what a gap is.
Summary
The market trades the surprise, not the number. Know the high-impact events for the currencies you hold, and decide before release whether your position is meant to be there.