I will try to help you. First there are multiple lessons in babypips that address trading the news and relationships with other markets. Grade 12 'Fundamental analysis', Freshman year 'Market sentiment' and 'Trading the news', Sophomore year 'The $ index', 'Intermarket relationships' and 'Using the equities markets to trade FX'.
I start every trading day by reading Pip Diddy's blog on baby pips home page to get an idea of what news is breaking that day and how it might affect the FX markets. Then I check the US $ index and the futures of the US equities markets, this gives me an idea of how the market MAY MOVE during that day's session. Take this week for example the equities markets fell and the US $ index went up so this week's FX markets generally were strong the $ against other currency's.
Just so you know I also use technical analysis in my trading plan. I hope this is of some benefit to you.