The economic calendar

The lesson in full

8:30 a.m. in New York is 7:30 p.m. in Jakarta and 6:30 a.m. in Mexico City for most of the year (an hour later from November to March). At that minute, US data can move prices everywhere.
An economic calendar lists upcoming data releases and central bank decisions, with dates and times. Most rate each event by how much it usually moves markets.
Each release shows three numbers: previous, forecast (also called consensus) and actual. Markets react to the surprise: the gap between actual and forecast.
10 November 2022: US inflation came in at 7.7% against 7.9% expected. A small gap, but a big surprise: the S&P 500 jumped about 5.5% that day.
Other countries have their own big moments. UK inflation comes out at 7:00 a.m. London time. The ECB announces its rate decision at 2:15 p.m. Frankfurt time.
Common mistake
Myth: "Trading the release is quick money." Reality: around big releases, spreads widen and price can jump right past your stop. Many traders step aside.
Key takeaway
Check the calendar before you trade. Know what's coming, when, and what's expected.

Markets react most to... Actual compared with forecastExpected numbers are usually already in the price. The surprise is what moves markets.
Big US data usually comes out at... 8:30 a.m. New York timeThe main US releases, like jobs and inflation, come out at 8:30 a.m. New York time.
Just before a big release, spreads often... WidenMany liquidity providers pull back before big news, so the gap between buy and sell prices grows.
Forecast 3.0%, actual 3.0%. The reaction is most likely... Small, as it was expectedWhen actual matches forecast there is no surprise, and the expected number is usually already in the price.