Where to Find Forex News and Market Data

A simple Yahoogleing (that is, Yahoo, Google, and Bing) search for “forex + news” or “forex + data” yields just 30 million hits.

30 MILLION DOLLARS! That's correct! It's no surprise that you've come to obtain some education!

There's just too much data to analyse and too many variables to perplex any rookie forex trader. If we've ever seen it, that's some ridiculous information overload.

When it comes to making effective transactions, though, information reigns supreme.

All of this information, including economic statistics, a new central bank head, and interest rate adjustments, causes currency prices to fluctuate.

Fundamentals move currency pairs, and fundamentals move currency pairs!

It's your job to make profitable transactions, and knowing why the price moves the way it does makes it a lot simpler. Successful forex traders weren't born with it; they had to be taught or learned it.

Successful forex traders lack mystical abilities (except for Pipcrawler, who is weirder than mystical) and are unable to predict the future.

They can look through the haze of forex news and data, figure out what's relevant to traders right now, and make the best trading selections possible.

Where to Find Forex News and Market Data

Market statistics and news are available from a variety of sources.

In our opinion, the internet is the clear victor since it delivers a variety of possibilities at the speed of light, immediately to your screen, and from practically anywhere on the planet.

Print media, as well as the good old tube in your living room or kitchen, should not be overlooked.

The sheer quantity of currency-specific websites, services, and television content accessible to individual forex traders will astound them.

The most of them are free, but you may have to pay for some of them. Let's take a look at some of our favourites to get you started.

Traditional Financial News Sources

While there are several financial news sites available, we recommend sticking with the big brands.

These people give market coverage 24 hours a day, seven days a week, with regular updates on the key items you need to know about, such as central bank pronouncements, economic report releases, and commentary, among other things.

Many of these major individuals also have institutional ties who may give viewers with explanations regarding current events.

• Reuters

• The Wall Street Journal

• Bloomberg

• MarketWatch.com

• CNBC

Real-time News Feeds

Don't forget about the 80-inch flat-screen TV in your bathroom if you want more quick access to currency market moves!

Financial television networks are available 24 hours a day, seven days a week to keep you up to date on all of the world's financial markets.

Bloomberg TV, Fox Business, CNBC, MSNBC, and even CNN are the top dogs in the United States (in no particular order). Even a little BBC might be thrown in there.

Your forex trading platform is another source of real-time data.

Many forex brokers incorporate live newsfeeds right in their software to provide you with quick and simple access to currency market happenings and news.

Check with your broker to see if such features are available; not all brokers' features are made equal.

Economic Calendars

Wouldn't it be fantastic if you could look at the calendar for the current month and see when the Fed is expected to make an interest rate announcement, what rate is expected, what rate really happens, and what influence this shift has on the currency market？ All of this is feasible with the use of an economic calendar.

The best ones allow you to switch between months and years, filter by currency, and choose your local time zone. Utilize the time zone tool to make sure you're ready for the next calendar event! 3:00 pm where you're sitting isn't always 3:00 pm where we're sitting, so use it!

Yes, economic events and data releases occur at a rate that most individuals cannot keep up with. This information has the ability to affect markets in the near term and speed up the movement of currency pairings you're interested in.

Fortunately for you, most significant economic news for forex traders is arranged several months in advance.

So, which calendar would we suggest？

All of that awesomeness can be found right here on our very own BabyPips.com FX economic calendar!

If you don't like ours (which we doubt), a quick Yahoogle search will turn up a decent assortment for you to look through.

Market Information Tips

Keep the timeliness of the news you read in mind. Much of this has already happened, and the market has already changed prices to reflect the news.

If the market has already moved, you may need to rethink your existing approach and thinking. If you don't keep track of how old the news is, you'll end up with “yesterday's news.”

You must also be able to distinguish between fact and fiction, rumour and opinion when dealing with currency news.

Economic data rumours definitely exist, and they can happen anywhere from minutes to hours before a planned data release.

Short-term trader behaviour is aided by rumours, which can occasionally have a long-term impact on market mood.

Large swings are sometimes attributed to institutional traders, but with a decentralised market like spot FX, it's difficult to tell for sure. There's never an easy method to know for sure what's true.

As a forex trader, your duty is to develop a solid trading strategy and respond swiftly to rumours that have been confirmed genuine or untrue.

In this scenario, having a well-rounded risk management strategy might save you money!

Finally, be aware of who is reporting the news.

Are we talking about economists or analysts？ Or perhaps you're the proprietor of the newest FX blog on the block？ A central bank analyst, perhaps？

The more forex news and media you read and watch, the more financial and currency specialists you'll encounter.

Are they just expressing an opinion or stating a truth based on newly disclosed data？

The more you know about the “Who,” the more equipped you will be to assess the news' accuracy.

News reporters frequently have their own agendas as well as talents and shortcomings.

Get to know the “know-it-alls” so you can “know it all.” Do you think you can handle it？