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Forex Trading News

 

Is keeping up to date with news important for Forex trading?
Yes, one of the key aspects to understand how currencies change and predict where they will go so you can earn profits is interpreting the news. This is a skill that even the most experienced traders can benefit from and something new traders should learn from the beginning.

To formulate a profitable strategy, you need to be aware of news developments coming up in a specific trading period. This means you have to know when these news will be released and observe the pattern on how it impacts currencies. This strategy of gathering data from events happening around the world is also known as fundamental analysis.

Thankfully, most major announcements are scheduled ahead of time so you can prepare for it when it comes. You should remember, however, what events are the major ones that could affect the Forex the most. Traditionally these are the setting of interest rates by central banks, the rise in prices or inflation, the overall state of a country’s economy as shown by gross domestic product (GDP), market indexes, and comments made by top government officials.

Since there are thousands of analysts around the world trying to predict the effects of these news, it is now easier to know the best course of action to take in response to them. Articles are usually published days or weeks ahead of any official announcement stating the major expectations of the market on how currencies will be affected.

If the forecasts of these analysts are correct, then there is usually no change in the market direction but it may accelerate. If they are wrong, then the market may move in the opposite direction.

 

Created by : Maverick
Published : 03 Mar 2014

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By : UNKL on : 09 Oct 2012, 07:47:52

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