Future Earnings FX (Forex) Jargon

Futures Trading

A futures contract between two parties sets the price now, but the whole transaction doesn't have to be settled immediately. The two parties can agree to settle at a future date more than a day or two down the line. When the agreed upon time is reached the transaction will be paid for and the commodity, currency or security delivered. Quite often the futures rate is locked in, but delivery occurs three months later. Futures are also traded on central futures exchanges, such as the Chicago Mercantile Exchange (CME). Unlike the market for spot rates, futures usually are traded in set hours, like stocks in the stock market. Night markets do exist in futures, but may be more difficult to access for the average investor.
Source: http://www.investorguide.com/igu-article-1150-forex-basics-difference-between-spot-and-futures-in-forex.html