Forex glossary
Economic Data Releases
Economic data releases report measures such as CPI, GDP, employment and PMI, published by statistical agencies, central banks or survey organizations. Each has a reference period, units and data vintage. FX may react to surprises and revisions; a rate decision is a policy event rather than a statistical measurement.
Illustrative example
How does it work in practice?
Suppose a forecast monthly change is 0.2% and the release reports 0.4% on the same basis. The surprise is 0.2 percentage points; the previous month's revision must be checked separately.
A case to work through
A changing base
In a fictional percentage series, the previous 0.6% is revised to 0.3% and the new reading is 0.4%.
- The prior revision is −0.3 percentage point.
- The new reading exceeds the revised base by 0.1 percentage point.
What follows? Label the base's vintage before describing acceleration or slowing.
Example boundary: A surprise cannot be calculated without a forecast.
A revision changes the base
Text description of the diagram
- Old base: Hypothetical previous reading: 0.6%.
- Revised base: The same prior period after revision: 0.3%.
- New period: 0.4%: +0.1 percentage point from the revised base.
A useful distinction
Economic Data Releases / Economic Calendar
A calendar identifies release timing; economic data require units, period and vintage.
Check your understanding
Compare a new release with the revised previous value.
Show the answer and explanation
+0.1 percentage point
0.9 − 0.8 equals +0.1.
Publication, units and interpretation
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Related terms
Sources and documentation
- Release Schedule – BEA
Separates publication timing and the reference periods of BEA releases.
Document read: - Consumer Price Index Frequently Asked Questions – BLS
Distinguishes CPI index levels, percentage changes, periods and vintages.
Document read: - Purchasing Managers’ Index data – FAQ – S&P Global
Provides the diffusion-index formula and distinguishes components from composite PMI measures.
Document read:
The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.