Tracking market trends is important for making informed decisions in commodity and forex trading. This task can be accomplished most efficiently by keeping an eye for economic data and indicators. From the reports that can be seen on for example forex factory traders can watch for market movement in commodity prices and the strength of currencies and according to how the market is moving traders can make better trading decisions and minimize their risks.

Economic Reports:

1. Non-Farm Payrolls (NFP for short): This report states how many jobs were gained or lost in the united states economy, not including workers that work in the farm. It shows whether the economy has been healthy or weak which reflects on the dollar value.
2. Interest Rate Decisions: Central banks (like the US Federal Reserve) decide and give the percentage of the interest rate – they may raise, lower
3. Consumer Price Index (CPI): This report is basically to track inflation by showing how the prices of food, gas, etc has moved either up or down.

4. Unemployment Claims: This reports shows the amount of people filing for unemployment (thus being out of work).

There are of course many more reports to watch for, however above is some that have a great impact on the market and how it moves.

These reports help traders understand what’s happening in the economy and give you clues about how markets might move. Whether you’re practicing on a demo mt5 account or trading with a real account, understanding these reports is essential to make better informed decisions.

If you’re looking to start trading, choosing the best Forex broker for your needs is important. Try our demo account here at XGLOBAL as you can register for one directly on our page and also download links are also available for mt5 platform for both mt5 for mobile and mt5 for laptop.