The act of monitoring economic news sources to inform your Forex trading is referred to as fundamental analysis, and it forms a critical aspect of developing successful trading strategies.
Forex analysis generally falls under two categories, namely technical and fundamental, and while many traders choose to focus solely on technical analysis (through the use of charts and indicators), fundamental analysis allows Forex traders to follow economic developments around the world and the impact which these may have on currency price changes.
In this article, we take a closer look at fundamental analysis, and provide traders with the best economic news websites which they can use in order to make informed trading decisions.
News sources for conducting fundamental analysis
The application of fundamental analysis in forex involves looking at the economic conditions that influence the value of a country’s currency.
A country’s economic health can be assessed through the publication of statistics, whether they come from the government or a non-profit group. Many causes and policies affect a country’s economy, and economic reports are the way by which that health can be directly monitored.
These reports are produced on a regular basis and give the market an idea of how well or how badly the economy of a country is doing.
When looking at a country’s economy in general, GDP is a useful indicator since it shows the total market value of all products and services produced inside that country over the course of a year.
Prior to the final GDP results, most traders focus on two reports that are produced in the months leading up to them: the advance and preliminary reports. There can be a lot of volatility if there are significant changes between these reports.
Another useful analysis source is the retail report. This report measures the overall sales of all retail outlets in a certain country. There are many retail stores across the country that contribute to this measurement.
As a timely measure of broad consumer spending trends that is controlled for seasonal influences, this report is particularly important. Predicting future lagging indicators and assessing the current path of an economy may be done using this indicator.
Then, with the industrial production report, the production of industries, mines, and utilities in a country is shown to have changed through time.
There’s also “capacity utilization,” which measures how much capacity each factory has to work with. When a nation’s capacity utilization is at or near its maximum, it is ideal to see a boost in production.
Because the utility business and energy trading and demand are significantly affected by weather, traders utilizing this indicator are usually concerned with utility production.
Finally, the change in the prices of over 200 distinct types of consumer products is tracked by the Consumer Price Index.
When compared to a country’s exports, this report can show whether or not its goods and services are profitable. It’s a good idea to keep an eye on exports, though, because the price of exports might alter depending on the strength or weakness of the currency.
The best economic news websites and sources for Forex traders
Now that we have taken a closer look at the type of economic indicators which traders should focus on when conducting fundamental analysis, we can explore some of the best websites that provide traders with this useful data.
While some of these news publications might not publish the separate economic indicators per se, they also provide reports that integrate, or respond to, the publication of these indicators, providing traders with a useful summation of important global developments.
TradingView is the first place that all traders should go when they start their day. Traders can access free trading charts with superb design, receive expert trading analysis, read about trading, and learn about trading.
FXStreet gives readers the option of filtering articles based on specific currency pairs, allowing them to get the news and information they are looking for more quickly.
Additionally, this website provides readers with the option of selecting news based on current events such as the trade war between the United States and China or Brexit, among other things. If you are interested in cryptocurrencies, this news site will also provide you with relevant information.
If you are a forex trader, you should visit this website on a daily basis because it is unquestionably the best forex news website available at the moment. A vast number of articles are published on FXStreet every day, with some pieces being published every few minutes.
If there is anything new on the market, you will most likely be able to find out about it by checking this page.
Various topics, ranging from major and minor currency pairs to the economies of various countries, are discussed on this page. Due to the fact that the FXStreet platform also enables prominent brokers and banks to publish on their platform, not all articles are authored by the company’s crew.
3. Forex Factory
Because of their valuable and insightful forex news, Forex Factory is a great location to get forex news updates. Instead of publishing articles written by its authors, this website publishes the greatest articles published on numerous currency news websites, including this one.
Because of this aggregation, it is one of the most competitive candidates for the top forex news websites.
This website assures that you do not have to visit multiple forex news websites to find different types of news; they select the best and provide it to you in one convenient location.
This is an intriguing feature on the Forex Factory website, where they highlight stories that have a measurable impact on the market.
All of DailyFX’s emphasis is focused on forex news, and their excellent staff of writers writes their articles and market reports written by market experts.
DailyFX, like the other top forex news websites, also publishes short-form pieces, which may include technical analysis. A highlight is that this website includes an entire page dedicated to technical analysis, making it a virtual haven for technical traders.
Using the percentage of currency pairings that are purchased and sold, this website can also tell you how many bullish and bearish traders are currently active in the market. In addition to forex news, DailyFX provides updates on commodities goods, stock indexes, and cryptocurrencies.
Investopedia provides a comprehensive overview of the financial markets. This is the largest knowledge website for all traders, and traders can define a large number of significant trading terminology on this website.
This site covers a wide range of topics in this industry, including the stock market, cryptocurrency, commodities and foreign exchange trading (forex).
The site divides its pieces into two categories: political and economic issues. Additionally, their live charts are a treat for traders because they display certain critical events as well as candlestick patterns, which can assist traders in entering and exiting the market at the appropriate times.
Additionally, Investing.com offers a wide range of technical tools and information for traders who are interested in making judgments based on technical considerations.
Their primary focus remains on pivot points and moving averages, but they also have access to the majority of the important technical indicators to assist traders in making more informed trading decisions.
Easily one of the top forex news websites accessible now on the market, Forexlive publishes a significant number of articles every day, and they have a large number of subscribers.
They generally publish brief news stories, sometimes only a few hundred words in length, because their primary goal is to cover as many topics as possible in order to keep their readers up to date.
Forexlive directs readers to news stories and leaves the evaluation of those stories to you. They also include a section dedicated to technical analysis for traders who are particularly interested in this type of trading.
These technical articles are also brief, despite the fact that they are jam-packed with important statistics, figures, and data.
BabyPips is widely regarded as a leading forex education website and a top forex news website when it comes to training traders. They write content that is both entertaining and instructional, and they occasionally include a humorous edge to keep their readers entertained.
In addition to currency analysis, they produce articles, the majority of which are based on the United States Dollar. Every Monday, BabyPips provides its weekly forecasts, and every Friday, it offers reviews of numerous currencies.
Their papers are primarily concerned with fundamental concepts. You can combine technical news released on other websites with BabyPips if you are seeking technical aspects. This will give you the advantage of both fundamentals and technical factors.
9. FX Empire
Every day, one article is published in the forex news area of FX Empire, but the forecasts section is where the real money is to be made for traders.
FX Empire produces frequent news in this part and provides traders with filters to look for the themes that interest them the most.
The best part about this forex news website is that it also publishes articles on other financial instruments such as stocks, indices, commodities, and other similar instruments.