The forex market prices are affected by a variety of factors. At times there are some factors (especially the economic factors) which trigger very large movements within the market prices. These are referred to as Forex news.
For a forex trader, it is very important to take note of the anticipated Forex news during the day as you trade. This will help you to plan ahead, when and how you should place or exit trades. Trading during the news can be very risky, especially if you had no knowledge of the occurrence of the news.
Before trading with news, you should have done ample research and analysis so as to have a correct explanation on what to expect during the news (how the market is anticipated to move during the news).
Although it is mostly advised not to trade during the Forex news, if you have done enough research from credible sources and you have obtained a hint of what to expect during the news you can trade the with the news.
News trading news is hard and should thus be approached with care. The reported unanimity figure is important, as well as the whisper number and the revisions. As a trader, you will also have to understand that some news releases are more important than other and you therefore have to weigh the weight of the different Forex news to know when to trade and when not to trade. The importance of the Forex news releases can be measured in terms the significance of the country releasing the data and also by the importance of the news release in relation to the other pieces of data being released at the same time.
Different Forex markets open at different times. And the news releases affecting any currency pair can only occur during the time when the market affecting the currency pair at hand is open.
Below is a table showing when the market in different countries is opened:
The US market is open from 8:30 - 10:00, Japan market is open from 18:50 - 23:30, Canada market is open from 7:00 - 8:30, U.K. is open from 2:00 - 4:30, Italy market is open from 3:45 - 5:00, Germany market is open from 2:00 - 6:00, France market is open from 2:45 - 4:00, Switzerland market is open from 1:45 - 5:30, New Zealand is open from 16:45 - 21:00 and the Australian market is open from 17:30 - 19:30.
Below is a list of the news releases that you should pay more attention to since they greatly affect the movement of the market prices. These usually specific to the economic releases of a particular country, thus affecting the currency pair with the currency of that country.