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The forex calendar is already chock-full of major economic events that you can trade but there are a couple of potential market-movers that might not have been listed. Don’t say I didn’t warn you about these!

With oil and other commodities under the spotlight these days, forex traders have been paying closer attention to related events that might influence prices.

In particular, any announcements regarding oil production changes or dairy prices have been pushing the commodity currencies around and affecting overall risk sentiment. Here are the upcoming events that you should also watch out for:

1. Fonterra announcement (Thursday)

cowMarket participants had been pricing in their expectations for the Fonterra board meeting as early as Monday, when financial institutions in New Zealand started buzzing about a potential upgrade in the company’s dairy price forecasts and milk payouts.

This is a pretty huge deal since Fonterra is the largest company in New Zealand and is producing approximately 30% of all the dairy in the world!

Thanks to the consecutive price increases logged in the country’s dairy auctions so far this year, economists at Westpac and the Bank of New Zealand predict that Fonterra may be able to beat its current milk price forecast of $4.70/kg.

To top it off, they also project that the company might upgrade its milk forecasts and payouts for the next season.

Bear in mind that dairy prices have tumbled close to 50% last year, dragging the New Zealand dollar lower in the process.

Any signs of a strong rebound in the dairy industry could allow the Kiwi to regain ground, as these could eventually translate to stronger growth for New Zealand’s export-driven commodity-dependent economy.

2. OPEC emergency meeting (“In the next six weeks or so”)

I kid you not when I say that OPEC might drop a bombshell on the markets “in the next six weeks or so” because these are the exact words of Nigerian Oil Minister and OPEC President Diezani Alison-Madueke.

As it turns out, the oil cartel’s head honchos are currently watching oil price trends and volatility very closely and might call an emergency meeting soon.

According to the OPEC President, almost all member nations (except the Arab bloc) are feeling uncomfortable about the continuous slide in oil, as they had hoped that prices would stabilize around $60/barrel.

She mentioned that the surge in shale oil mining operations in the U.S. has resulted in increased stockpiles and lower demand for OPEC-produced oil, driving overall market prices down.

Analysts predict that the oil cartel might be gearing up for a large cut in oil production in order to restrict supply and boost prices.

Should they refrain from cutting production as they did so back in November last year, oil prices might be in for more declines, lending more downside for the oil-related Canadian dollar.

After all, Canada is heavily dependent on its crude oil industry and falling prices would mean lower trade revenues. Heck, if OPEC member nations decide against having an emergency meeting pronto, oil prices and the Loonie could plummet once more!

With these potential market-movers lined up, are you making any adjustments to your comdoll forex trades? Don’t be shy to share your thoughts in our comments section!