News is one of the most important factors that drive the financial markets. While the buying and selling and supply and demand of currency does of course contribute to price movement, very little can have the same sudden impact as an economic announcement, or the news of some sort of major development. For this reason, if you’re trading forex or any other financial instrument, it’s vital that you stay on top of the news at all times. You might miss out on a great opportunity, or you might find that a trade you have open or were thinking of opening is no longer viable.
There are many different ways of monitoring what’s going on in the world of forex, and the best thing you can do is choose a spread of sources. This will ensure that you’re getting a wide variety of information; you don’t want to miss anything, and the more perspectives you have the better. Here are some of the different resources you’ve got to choose from:
If you want to know things the second they come out, especially in the case of an economic announcement, then live news on either the TV or reputable news sites is the way to go. There are also some live radio stations you can use too. The only downside is that up to the minute releases don’t tend to have a lot of analysis with them.
Blogs can be extremely useful, but some care must be taken. The best thing about them is that there are hundreds available, and you can find great insights that you wouldn’t be able to get elsewhere. News pieces can always be biased, so it’s good to get some different opinions. The only downside to some blogs is that they aren’t always as factually reliable.
Most brokers have a morning analysis service whereby they will email you a rundown of how things are shaping up for the day ahead. This is particularly useful as a summary of what you need to look out for. They are generally fact based, and allow you to draw your own conclusions. FX market news can also be found on your broker’s site, often in the form of RSS feeds and widgets.
Official Government Sites
More of an information resource than anything; if you’re looking for detailed information on an economic announcement, then this is the place to go. Mainstream news outlets are likely to give you only the headline figures, but you’ll find everything you need on official media outlets if you’ve got an eye for detail.
As you can see, there are a huge number of places that you can get news and corresponding analysis from. There are no strict rules to follow other than it being a good idea to choose a variety of different sources. Whatever works for your trading strategy is best, but always make sure that you know what the latest economic developments are.