Financial Data for Forex Currency Traders
If you are or desire to be a news trader in the foreign exchange (FOREX) market, you definitely need to depend on reliable information sources for the success of your trades. Whether a news trader, day trader or long-term trader, you will find that being armed with reliable information can help you succeed. Where can this type of information be obtained?
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Free Sources
In this age of internet-based data, you can access various financial data sources online without ever leaving your home. All you need is a reliable computer and internet connection, preferably high-speed. Many of the sources you find online will be free. However, most of the free sources will most likely come without in-depth expert commentary or recommendations on the trade you may be contemplating. Headlines from major portals such as MSN homepage and Yahoo will usually include very important economic news information. For example, in the case of the U.S. Non-farm Payroll Report the internet portals may include information regarding the expected employment figures or at least a link to such preliminary reports. Websites such as Forex Factory Oanda and Interbank FX will also provide some free financial news and research information. The latter two are retail currency brokers catering to individual investors. You will find that a few of the brokers even have a regular newsletter or trading forum providing their account holders with commentary or analysis on impending news events.
Paid Services
Perhaps you remember seeing years ago the diligent investor in your local library pouring over pages and pages of information in financial information volumes such as Standard & Poor's, Value Line, etc. While these services may be traditionally geared toward the equities and bond markets, much of the same financial news and corresponding conditions that affects those markets also will impact the currency market. Now, however, online subscriptions and versions have moved in to claim a substantial piece of this research market, but have not replaced the older sources in their entirety. Neither have hard copies of Wall Street Journal and Investor's Daily been completely displaced by their online counterparts. While you may find free access to certain sources at a public or local university library, your at-home or office hook-up will typically come at a price. Included in these fee-based services are companies which provide fast and up-to-the-minute news such as Reuters and Bloomberg news, often favored by news traders for their speed in delivering government economic news and other reports. Although most individual traders cannot justify the high cost of such services, it does not appear that the services will be shutting down anytime soon as their services are in high demand by the institutional and corporate sectors.
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