Economic data is frequently the most significant motivator for short-term swings in the currency market. Most currency brokers provide at least eight main currencies for trading so there is always some economic data coming out that forex traders may utilize to make smart bets. The eight biggest nations with the most followers disclose seven or more bits of data practically every day, unless on vacation. The whisper figures, or the unofficial and unpublished projections, as well as any updates to earlier estimates, are equally as significant as the declared consensus figure. Some releases are more significant than others; this may be determined by looking at the importance of the nation providing the data.

Data on changes in interest rates, inflation, and economic growth, including retail sales, manufacturing, and industrial production are the most significant. Finding a period of consolidation or uncertainty before a large figure and trading the breakout on the back of the news are the two most popular ways to trade news. This might be carried out over a short period of time (intraday) or several days. The euro was holding its breath in anticipation of the October number, which was scheduled to be made public in November. The euro hit a 1.5-year low versus the dollar shortly after the release of the US non-farm payrolls figures on Friday.

The gains were rapidly erased, though, due to the dollar’s strong upward momentum. Exotic options might be one way to profit from a breakout in volatility without taking on the risk of a reversal. A double one-touch option is a pure non-directional breakout play. Even if the price later reverses direction, the payout is still paid as long as the barrier level is crossed. One-touch options often cost a little less because there is only one barrier level. This choice is excellent for news traders who believe that the currency pair will continue to range trade rather than have a clear breakout.
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