The author claims that you cannot predict price movement - I would disagree with that strongly. He also claims that price often has no correlation with the big news headlines - I would say ‘so what’. If a Forex trading strategy were based solely on what was in the newspapers then sure, I guess one would find performance patchy at best, but that needn’t worry those of us who put rather more work and analysis in.
Reuters have recently allowed their journalists to use their blogs to write more personal opinion and analysis - this piece would never make it onto the regular Reuters newswire. This is the reason for the disclaimer under the journalist’s photo, ‘the views expressed are his own.’ The thinking was to add more colour to the general output and encourage the journalists to explore more thinkpieces, provoke debate etc. But the fact that they have a disclaimer on there, and that it appears in his blog, also shows that this is very much a personal opinion piece rather than a formal piece of Reuters journalism.
I personally don’t think that it is a well-written piece, but am not worried by the opinion of one individual, particularly one advancing such a slender argument. Some of the comments under the blog entry make a few of the counter-arguments.
There have always been people who claim that Forex trading does not work. Generally people who know someone who failed to make it work.