Trading news website FXStreet has released a new artificial intelligence (AI) tool that lets traders monitor central bank speeches.
Called ‘Speech Tracker’, the tool uses AI to evaluate the tone of central banker speeches and then gives a score, ranging from 0 – 10, as to how dovish or hawkish the speech was.
The tool is built into the FXStreet economic calendar. The calendar can be built into broker’s own set of trading tools and accessed by their clients via their own website, rather than them having to visit FXStreet.
“Our vision for AI is clear: we aim to elevate the trader’s journey by providing tools that enhance decision-making, instead of replacing it,” said FXStreet Co-CEO Javier Hertfelder.
“With the launch of our Speech Tracker, we continue to use technology as an augmentation of human expertise. This tool streamlines operations and centralizes knowledge, offering fast, actionable insights while maintaining the highest standards of accuracy.”
Central bank speeches tend to be closely monitored by traders as they can give some indication as to what monetary policy for a given country might be.
This has been even more pronounced over the last few years, with interest rate hikes coming into play in a way that they hadn’t since the financial crisis which took place in the late 2000s.