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One of the great advantages of trading currencies is that the forex market is open 24 hours a day . Economic data tends to be one of the most important catalysts for short-term movements in any market, but this is particularly true in the currency market, which responds not only to U.S. economic news, but also to news from around the world
Trading on economic reports in the Forex market is very risky. The spreads often open, gaps can smother your stops and picking the direction ahead of the release is very dangerous on the long-run. However, doing a 1+1 on economic data is the wiser appraoch. If GDP drops, unemployment rises and the manufacturing sectro contracts there is a fair chance the central bank will act and express its willingness to act if economic data do not pick up in the next monetary policy meeting. If such data comes from the UK for exmaple you should expect GBP to weaken against a basket of currencies, not just for the same day but for the inermediate term. Elementry my dea Watson 