Thanks to technological advancement, it is now pretty easy to search and get information about almost anything. For instance, we can type forex news and data on the search bar and find more or less 30 million results. With that said, 30 million is just way too much, especially for beginners. However, information can help massively, especially when it comes to success in trading. Note that the information that massively impacts the currencies we trade includes economic reports, significant company position change, and interest rates. Traders who want to become successful in trading will have to work hard for it. They need to study and learn a lot of things. One of those things is discerning what news and data are essential at the moment.
Looking for forex news and data
As we have mentioned today, there are millions and millions of results that you can browse on the internet when looking for forex news and data in an instant regardless of location. What’s more amusing is that most of the sites that offer this information are free of charge. There are also some that may charge you. Let us cite some examples of these sources:
- Popular financial news sources. These sources got big in the business for a reason. They must be credible for this to happen. Let us add to the list that they constantly update the market and provide daily updates about major news like central bank news, economic reports, and analysis. These big names provide further explanations about the information, and most have institutional connections. Some of these names include Reuters, Bloomberg, CNBC, and the like.
- Real-time news. There are also TV networks that provide real-time access to the current market’s movement. They broadcast financial market actions 24/7. If you live in the US, the most popular ones include CNBC, BBC, Fox Business, Bloomberg TV, and the like.
- Economic calendar. There are many economic calendars, but the good ones can give you an idea of when the US central bank or other central banks make interest announcements, forecast rates, actual rates, rate impacts on the currency market, and more. Some of these calendars allow you to see various months and years, organize currencies, and even set it in your current time zone to get updates about the upcoming events. These events and reports happen very often and can impact the market to the point that they can even speed up the currency pair movements.
Here are some tips before we end our lesson
These are some things that you should be double-checking when reading the events and reports: credibility and timeliness. Do not find yourself believing in fake news or old news! You need to know how to discern whether the information is legitimate or not to succeed in trading. Some people spread fake news and rumors to make short-term market moves that sometimes last longer than they should. Some institutional traders also make some moves to create a market impact, but we will never know who or how. So, it is essential to make reading a habit and always check the author or source of the news.