what are the key fundamentals to watch for when trading forex? what economic indicators do u use? pls explain?
pls explain the correlations if u have nonetheless ie...when this indicator goes up, the value of the currency goes own etc etc
I comprehend what you are asking. There are a wide variety of expos events (known as fundamentals in the forex arena) but, from my involvement, the greatest movers are the consumer quotation index, the producer price list, and the non-farm payrolls number. Other intelligence events, like the weekly jobless claims swarm, retail sales, and any sort of container data tend to move the market slenderize most of the time. I have not found GDP to move the market as much as many think, but it CAN move the merchandise, especially if the number is unexpected. Other movers subsume the ISM and ISM Services, Michigan Consumer Sensibility Index, Trade Balance, Philly Fed, Empire Express Index, Retail Sales, PCE, Richmond Fed, and Enduring Goods. News from any major actors, like GM, may slightly affect the dollar as well. One of the biggest indicators of all is any report that will affect interest rates on either side of your currency duo-here in the US it is the Fed, but in Japan it would be the BOJ, BOE in England, etc. I have given you some of the monthly reports that will adopt the dollar but for a currency pair you will have to pump equivalent fundamentals for BOTH currencies-so for the CAD/JPY it would be notable to examine Canadian as well as Japanese fundamentals. Other important economies will also have an affect on any currency up, due to the law of one price and the effects of arbitrage in the fraternity markets.
No one is going to give you correlations because they are customary to be different for every currency and different every experience. I am sure by doing a search you could find some prominent correlations for the pairs you desire, but it always morality to do your own research by watching the pair(s) that you judge and seeing the real minute by one sec reaction, instead of just at traditional times.
Forex Factory provides a reliable calendar of when the events take place, for all the majors:
http://www.forexfactory.com/almanac.php
Have fun. I don't know if youre new to trading but if so you should differentiate its hard work-just like being a doctor, counsel, or business owner. The biggest gammon as an entrepreneur in any field, especially trading, is NOT to hear to anyone that says you can't do it, nor to the ones who tell you its light-dumb and dumber my friend. Get in your own zone, never peril more than 2% of your capital, never be afraid to take a negative cash flow death, control your costs, and set yourself up to profit when a plan repeats itself.
