I think BBB is absolutely right about this. It is pretty much impossible to decide what the market reaction is going to be until you actually see it in front of you after the event.
It is not just a question of whether news is “good” or “bad”, it depends more on how much data releases deviate from the anticipated values. Current market price will usually have already absorbed the predicted values and may react more if the actual figures are significantly different. In addition, whilst current data might be as anticipated there may also be revisions to previous data that cause a reaction.
Another issue is whether the data concerned is something that is currently important and on which the market is focussing. For example, if Central Banks are expressing concern about inflation fears then inflation data will be a priority, if its consumer spending then Retail Sales will be sensitive, if it is the economy then employment data will be focussed on, etc.
Some data releases will produce a short-lived spasm in price reaction whilst others will start a move that could continue for a day or two and so on.
The theory behind trading technical analysis of price is that the only thing that is important is to identify what the majority of participants are doing and join them. So wait until the reaction triggers a signal on whatever method you are using and go with it.
Of course, if you trade on personal analysis of economic fundamentals then none of this applies :D. …but then you wouldn’t be asking the question, I guess!