Technical analysis and fundamental analysis are mainly used methods to analyze financial markets. The fundamental analysis predicts future price movements based on fundamental economic conditions, but technical analysis uses past price data and chart.
技術分析和基礎分析是分析金融市場的主要方法。基本面分析根據基本經濟狀況預測未來價格走勢，但技術分析則使用過去的價格數據和圖表。
Controversy has continued over which methodologies are more successful since technological analysis began to be used. Traders who focus on short-term trading prefer to use technical analysis because the main strategy focuses on prices. Traders who focus on medium-term tradings, on the other hand, tend to use fundamental analysis to evaluate the future value of any currency as well as its appropriate value.
自從開始使用技術分析後，哪種方法更好的爭論一直繼續著。專注於短期交易的交易者更喜歡使用技術分析，因為此策略主要關注在價格。另一方面，專注於在中長期交易的交易者傾向於使用基本面分析來評估任何貨幣的未來價值及其適當價值。
Before implementing successful trading strategies, it is important to understand what causes currency movements in the foreign exchange market. The best strategies may be a mixture of fundamental and technical analysis. This situation occurs in both technical patterns and fundamentals.
在實施成功的交易策略之前，最重要的是需要了解導致外匯市場貨幣波動的原因。最好的策略是綜合基礎分析和技術分析。這種情況在技術模式和基礎方面均會發生。
There can be drastic changes in price movements, especially with economic news releases. Therefore, technical traders should be aware of important economic indicators and situations in which the announcement is scheduled, and fundamentals traders should be aware of the critical technical levels that the market is largely focused on.
價格走勢可能發生劇烈變化，尤其是在發布經濟新聞時。因此，技術交易員應了解重要的經濟指標和計劃在何時發佈公告的情形，基本面交易員應了解市場主要關注的關鍵技術水平。
使用基本面分析 Using Fundamentals Analysis
Fundamental analysis focuses on analyzing economic, social and political influences that drive demand and supply. Using fundamental analysis as a trading tool implies to take account of various macroeconomic indicators such as growth rates, interest rates, infrastructure, and unemployment. Fundamental analysts will combine all of this information to evaluate current and future price movement sand combining all the information requires a lot of work and analysis.
基本面分析著重於帶動供需，分析經濟，社會和政治的影響。使用基本面分析作為交易工具，意味著要考慮各種宏觀經濟指標，例如增長率，利率，基礎設施和失業率。基本面分析師將結合所有這些資訊來評估當前和未來的價格波動，結合所有這些信息需要大量的分析工作。
Traders using fundamental analysis should be constantly aware of news and announcements that could lead to potential economic, social, and political changes. All traders must be thoroughly familiar with the overall economic conditions before trading, which is particularly important for traders making trading decisions based on news events. Although the Federal Reserve’s monetary policy decisions are always important, the impact on EUR/USD may not be significant if the movement of interest rates is already fully reflected in the market.
使用基本面分析的交易者應經常注意可能導致潛在的經濟，社會和政治變化的新聞和公告。所有交易者在交易前必須完全熟悉整體經濟狀況，這對於根據新聞事件做出交易決定的交易者尤其重要。儘管美聯準的貨幣政策決定很重要，但如果利率波動已經在市場中得到充分展現，則對歐元/美元的影響可能不大。
The exchange rate is basically driven by supply and demand. In other words, most fundamentally strong currencies are due to demands. Regardless of whether demand is for hedging, speculation, or currency conversion, the exchange rate’s actual movement is based on the currency’s need. When the supply exceeds, the value of the currency decreases. Supply and demand are the real determinants in predicting future price movements.
匯率基本上由供求需關係決定。換句話說，最基本的強勢貨幣是源於需求。無論需求是對沖，投機還是貨幣轉換，匯率的實際變動都取決於貨幣的需求。當供應超過時，貨幣的價值下降。供需是預測未來價格走勢的真正決定因素。
However, predicting supply and demand is not as simple as many people think. Many factors affect the net demand and supply of a currency, such as capital flows, trade flows, speculations, and hedgings. For example, from 1999 to 2001, the Internet and stock market boom in the United States led to foreign investors’ inflow, and the U.S. dollar strengthened against the euro. Depending on the demand for U.S. assets, foreign investors would sell their currencies and buy U.S. dollars.
但是，預測供需並不像許多人想像的那麼簡單，有許多因素影響貨幣的淨需求和供給，例如資本流動，貿易流動，投機和對沖。例如，從1999年到2001年，美國互聯網和股票市場的繁榮導致外國投資者大量湧入，而美元兌歐元則走強。根據對美國資產的需求，外國投資者將出售其貨幣併購買美元。
When geopolitical uncertainties rose since late 2001, the U.S. began to cut interest rates, and foreign investors sold U.S. assets to move toward higher yields. As a result, the dollar’s supply increased, while the dollar’s value fell compared to other major currencies.
自2001年末以來，地緣政治不確定性上升時，美國開始降低利率，外國投資者出售了美國資產以提高收益率。結果，與其他主要貨幣相比，美元的供給增加，而美元的價值卻下降了。
The intention to buy a currency or the possibility of funding for that currency is a major factor that could affect the direction of that currency’s value. These were the main determinants of the U.S. dollar value between 2002 and 2005. The capital outflow trend announced by the U.S. Treasury Department is one of the most important economic indicators for market forecasts.
購買貨幣的目的或為該貨幣籌集資金的潛在價值是影響該貨幣價值方向的主要因素。這些是2002年至2005年美元價值的主要決定因素。美國財政部宣布的資本外流趨勢是市場預測最重要的經濟指標之一。
要考慮的因素！ The Factors to Consider!
1. 資本和貿易流 The Flow of Capital and Trade
Capital and trade flows form the balance of payments, which allows entities to measure the size of demand for a currency over a period of time. Theoretically, the international balance of payments must be zero for a currency’s current value to remain the same. A negative balance of payments indicates that capital outflows from a country’s economy are faster than inflows, so its currency value should theoretically fall.
資本和貿易流形成國際收支平衡，這使實體能夠測量一段時間內對貨幣的需求量。從理論上講，國際貨幣的國際收支必須為零，以使貨幣的當前價值保持不變。國際收支負數表示一國經濟的資本流出比資本流快入，因此從理論上來說其貨幣價值應下降。
This is especially important in the current situation where the U.S. continues to record a huge trade deficit without sufficient foreign capital inflow to bridge the trade deficit. The Japanese yen could be another good example.
在當前情況下，美國持續巨額的貿易赤字，沒有足夠的外資流入來縮短貿易赤字。相反地，日元是另一個很好的例子。
Japan is one of the largest exporters in the world that has a huge trade surplus. As a result, despite the zero interest rate policy, which hinders the increase in capital inflows, the yen tends to remain strong on the other side due to the trade surplus.
日本是世界上擁有巨大貿易順差的最大出口國之一。結果，儘管採取零利率政策阻擋了資本流入的增長，但由於貿易順差，日元成為強勢貨幣之一。
Capital Flows measure the net size of the currency purchased or sold on an equity investment. Capital account surplus means that foreign capital inflows of real investment or portfolio investment in a country exceed outflows. The capital account deficit indicates that real investment or portfolio investment into overseas assets by domestic investors outweighs capital inflows by foreign investors.
資本流衡量通過股權投資購買或出售的貨幣的淨額。資本帳戶盈餘意味著一國實際投資或證券投資的外國資本流入超過流出。資本帳戶赤字則說明，國內投資者對海外資產實際的投資或證券投資大於外國投資者的資本流入。
The Flow of Real Investment is a corporate investment in real estate and manufacturing. It also includes foreign direct investments, such as local business acquisitions. These factors are causing foreign companies to sell their own currencies and buy foreign currencies, resulting in changes in the foreign exchange market.
實際投資流是對房地產和製造業的企業投資，還包括外國直接投資，例如收購本地企業。這些因素導致外國公司需出售當地貨幣來購買外幣，導致外匯市場發生變化。
This is particularly important in global acquisitions because it has more cash flow than stocks. The real investment flow represents a fundamental change in actual direct investment activities. And direct flows can change each country’s financial health and growth potential.
這在全球收購中尤為重要，因為它的現金流比股票多。實際投資流量代表實際直接投資活動的根本變化。直接流動可以改變每個國家的財務健康狀況和增長潛力。
Changes in local laws to attract foreign investment can also accelerate the flow of real investment. For example, China’s entry into the World Trade Organization eased laws on foreign investment. Global companies are flooding into China, seeing China’s cheap labour and attractive investment revenue opportunities. From the foreign exchange market perspective, it is recommended that foreign companies sell their currencies and buy Chinese yuan to raise funds for Chinese investment.
修改當地法律來吸引外資也可以加速實際投資的流動。例如，中國加入世界貿易組織（WTO）放寬有關外國投資的法律。跨國公司湧入中國，看到中國廉價的勞動力和誘人的投資收益機會。從外匯市場的角度來看，建議外國公司出售其貨幣來購買人民幣為中國投資籌集資金。
2.進出口比較方式 A Comparative Measure of Exports and Imports
Trade flows are the base of all international trade. A country’s investment environment is the main determinant of its currency value, and its net trade balance is calculated according to its trade flow. Net exporters whose exports exceed imports will have a net trade surplus.
貿易量是所有國際貿易的基礎。一個國家的投資環境是其貨幣價值決定的主要因素，其淨貿易差額是根據其貿易量計算的。出口超過進口的淨額為貿易順差出口國。
The currency value of net exporters is likely to rise because the demand for their currencies is higher than the demand for selling in terms of international trade. Overseas customers interested in purchasing exported products and services must first purchase the currency, which increases the demand for the exporting country’s currency.
貿易順差出口國的貨幣價值可能會上升，因為對其貨幣的需求高於在國際貿易的出售需求。有興趣購買出口產品和服務的海外客戶必須先購買貨幣，這增加了對出口國貨幣的需求。
Countries with imports exceeding exports will show a trade deficit, which serves as a potential factor in lowering the currency’s value. For import purposes, the importing countries must sell their own currencies to buy the countries’ currencies that sell goods or services. For this reason, if the size of imports increases, this can serve as a factor that leads to a fall in the value of the currency.
進口超過出口的國家會出現貿易逆差，這是降低貨幣價值的潛在因素。出於進口目的，進口國必須出售自己的貨幣才能購買該國出售商品或服務。因此，如果進口量增加，則導致貨幣價值下降的一個因素。
3.股票市場 The Stock market
With the development of technology, capital movement has become very easy, making it possible to invest in stock markets worldwide.
隨著技術的發展，資本的流動變得非常容易，增加在全球股票市場進行投資的機會。
Therefore, the stock market, which is strong anywhere globally, offers ideal investment opportunities for everyone regardless of their geographical location. As a result, a country’s stock market and its currency have a strong correlation. If the stock market rises, investment funds will flow in. On the contrary, a fall in the stock market would allow local investors to seek overseas investment opportunities by disposing of their domestic investments.
因此，全球股票市場提供了最佳的投資機會給世界各地的每個人。一個國家的股票市場與其貨幣之間具有很強的相聯性。如果股市上漲，投資資金將流入。相反，股市下跌將使本地投資者可以通過處理國內投資來尋求海外投資機會。
However, this correlation has changed since the Tech Bubble burst in the United States. The reason is that the correlation between the U.S. stock market and the U.S. dollar has decreased as foreign investors continue to be relatively hedging. Nevertheless, because these correlations still exist, all traders continue to monitor the global market’s performance and performance to find cross-market revenue opportunities.
但是，自從美國的互聯網泡沫發生後，這種相關性已經產生變化。由於外國投資者繼續相對對沖，美國股票市場與美元之間的相關性開始下降。然而，這些相關性仍然存在，因此所有交易者都將繼續監視全球市場的表現，找出跨市場的收入機會。
4. 債券市場 The Bond Market
Just as the stock market correlates with the foreign exchange market, the bond market also correlates with the foreign exchange market. In times of high uncertainty worldwide, the bond investment can be beautiful due to bonds’ inherent safety. As a result, foreign investment will be made into a country with attractive bond investment opportunities, leading to its currency appreciation.
正如股票市場與外匯市場相關，債券市場也與外匯市場相關。在全球不確定性很高的時期，由於債券的固有安全性，債券投資可能會較佳。因此，外國投資將投入具有誘人債券投資機會的國家，從而使其貨幣升值。
A valid way for recognizing capital flows to the bond market is the short-term/medium-term return on government bonds. It may need to keep an eye on the spread difference between the yield on U.S. 10-year government bonds and foreign bonds yield. This is because international investors tend to invest their capital in assets in countries with the highest return. If U.S. assets were one of the highest-yielding assets, more investment would occur in U.S. financial instruments, which would soon result in a rise in the U.S. dollar. Investors may also use short-term returns, such as a two-year national spread, to measure the short-term flow of international capital.
確認資本流入債券市場的有效方法是政府債券的短期/中期收益。需要留意美國10年期政府債券收益率與外國債券收益率之間的點差差異。這是因為國際投資者傾向於將其資本投資於回報率最高資產的國家。如果美國資產是收益最高的資產之一，則更多的投資在美國金融工具上，導致美元很快升值。投資者還可以使用像是兩年期國債的短期收益來衡量國際資本的短期流動。
In addition to the yield on long-term government bonds, short-term government bond futures prices can also be used to predict the movement of U.S. funds. This is because short-term government bond futures reflect expectations for the Fed’s interest rate policy in the future. Meanwhile, the Euro Interbank Offered Rate (EURIBOR) interest rate futures indicate future policy movements as well.
除了長期政府債券的收益率之外，短期政府債券期貨價格也可以用來預測美國資金的動向。 因為政府短期債券期貨反映了對美聯儲未來利率政策的預期。 同時，歐洲銀行間同業拆放利率（EURIBOR）利率期貨也表明了未來的政策動向。
5. PPP，購買力平價 PPP, Purchasing Power Parity
Relative prices determine the exchange rate by constructing a similar basket of goods between the two countries. On the very basis of this idea, the theory of purchasing power assessment is established. Changes in the country’s inflation rate should be balanced by the opposite change in the country’s exchange rate. Therefore, according to this theory, if a country’s prices rise due to inflation, its exchange rate must fall.
通過類似的商品在兩國之間的相對價格來構建確定匯率。在此觀點的基礎上，建立出購買力平價理論。該國通貨膨脹率的變化應與該國匯率有相反變化來相互平衡。因此，根據這個理論，如果一國的價格因通貨膨脹而上漲，其匯率必須下降。
The basket of goods and services priced for purchasing power assessment is a sample of all goods and services included in gross domestic product. These goods and services include consumer goods and consumer services, government services, facilities and construction projects.
作為購買力評估而定價的商品和服務的樣本是包含國內生產毛額中所有商品和服務。這些商品和服務包括消費品和消費服務，政府服務，設施和建設項目。
To take a closer look, consumer goods include food, beverages, tobacco, clothes, shoes, monthly rent, water supply, gas, electricity, medicine and services, furniture, home appliances, personal transportation equipment, fuel, transportation services, entertainment and cultural services, telephone services, home appliances and repair services.
仔細觀察一下，消費品包括食品、飲料、煙草、衣服、鞋子、月租、水費，天然氣、電力、藥品和服務，家具、家用電器、個人運輸設備、燃料、運輸服務、娛樂和文化服務，電話服務、家用設備和維修服務。
One of the most famous examples of PPP is the Economist’s Big Mac Index. The Big Mac PPP is an exchange rate calculated by assuming that the Big Mac hamburger’s price in the United States is the same as that of other countries. The comparison between the PPI exchange rate and other countries’ actual exchange rate indicates whether the country’s currency value is undervalued or highly valued.
PPP中最著名的例子是《經濟學人》的大麥克指數。 “大麥克”購買力平價是一種匯率，假設該大麥克漢堡在美國的價格與其他國家/地區的價格相同。 PPI匯率與其他國家的實際匯率之間的比較說明該國家的貨幣價值是被低估還是被高估。
The OECD releases a more formal index. The OECD issues a table showing the price levels of major developed countries. Each column represents the number of monetary units required by each country on the list specified to purchase the same representative consumer goods and service basket. The cost of purchasing 100 units of each representative bundle in a country is stated in that country’s currency.
經合組織發布了更正式的指標。經合組織發布了一張表格，顯示主要發達國家的價格水平。每列代表指定購買相同代表性消費品和服務商品的清單上，每個國家所需的貨幣單位數。在一個國家/地區購買100個的數量作為一個單位的費用，以該國家/地區的貨幣表示。
It publishes a chart that compares a country’s PPP with its actual exchange rate on a weekly bases to reflect the current exchange rate. Also, it reveals predictions in PPP approximately twice a year. Although PPP forecasts come from studies conducted by the OECD, they should not be considered conclusive. Due to differences in different computational methods, the PPP exchange rate will be different among various entities.
此圖表將每週進行比較一個國家的購買力平價與其實際匯率，來反映當前匯率。此外，它透漏了大約每年兩次的PPP預測。儘管購買力平價的預測來自經合組織的研究，但不應將其視為最終的結論。由於計算方法不同，各個體系之間的PPP匯率也會有所不同。
6. 利率評估 Interest Rate Evaluation
The theory of interest rate evaluation says that if there is a difference in interest rates between the two countries, the difference is reflected in premium or discount on the leading exchange rate to prevent risk-free trade.
利率評估理論認為，如果兩國之間的利率存在差異，則該差異會反映在主要匯率的溢價或貼現中，以防止無風險貿易。
For example, if U.S. interest rates are 3 per cent and Japanese interest rates are 1 per cent, the U.S. dollar should fall 2 per cent against the Japanese yen in calculating the forward exchange rate to prevent risk-free trading.
例如，如果美國利率為3％，日本利率為1％，則在計算遠期匯率時，美元兌日元應下跌2％，以防止無風險交易。
This future exchange rate is reflected in the forward exchange rate calculated today. The forward exchange rate of the dollar is called the discount. This is because buying the yen at the leading U.S. dollar exchange rate can buy the Japanese yen less than buying it at the spot exchange rate. This state of the yen is called the premium.
該未來匯率反映在今天計算的遠期匯率中。美元的遠期匯率稱為貼現。因為以美元為主的匯率買入日元所能買到的日元要比以即期匯率買入日元要少，這種日元的狀態稱為溢價。
The theory of interest rate evaluation has not been working well lately. This is because high-interest currencies have frequently risen due to the central bank’s decision to slow economic activity through interest rate hikes, regardless of risk-free profit-taking.
利率評估理論最近還沒有很好地發揮作用。由於中央銀行決定通過加息來放慢經濟活動，因此高息貨幣經常上漲，不管無風險的見利拋售。
7. 實際利率差異模型 Real Interest Rate Difference Model
In the theory of real interest rate differences, the movement of exchange rates is determined by a country’s interest rate. The currencies of countries that maintain high-interest rates should remain strong, while those that maintain low-interest rates should remain weak.
在實際利率差異理論中，匯率的變動取決於一個國家的利率。保持高利率的國家的貨幣處於強勢，而保持低利率的國家的貨幣則處於弱勢。
If a country raises interest rates, foreign investors will be attracted to the currency in terms of return and buy the country’s currency. One of the key factors in determining the strength of the exchange rate’s response to changes in interest rates in the model is the expectation of the continuation of changes in interest rates. When the interest rate hikes, which is expected to last for the next five years, has a greater impact on the exchange rate than it is expected to last for a year.
如果一個國家提高利率，外國投資者將被該貨幣回報率吸引，併購買該國的貨幣。在模型中確定匯率對利率變化的反應強度的關鍵因素之一是對利率變化持續的期望。預計未來五年將持續的加息，對匯率的影響將比預期持續一年的影響更大。
There has been debate among international economists over whether there is a strong and statistically significant link between a country’s interest rate change and currency prices. The main weakness of this model is that it does not take into account a country’s current account and instead relies on capital flows through its capital account.
國際經濟學家之間一直在爭論一個國家的利率變化和貨幣價格之間是否存在緊密統計上的關聯。這種模式主要的缺點是，它沒有考慮到一個國家的經常帳戶，而是依靠其資本帳戶中的資本流動。
The interest rate model tends to overemphasize capital flows at the expense of numerous other factors such as political stability, inflation, and economic growth. Assuming that these factors are absent, the interest rate model can be very useful. This is because there is an extremely logical reason that investors will naturally be attracted to invest that pay higher rewards.
利率模型往往過分強調資本流動，而忽略其他許多的因素，例如政治穩定性、通貨膨脹和經濟成長。假設不存在這些因素，利率模型將非常有用。因為這是一個非常合乎邏輯的理由，投資者自然會被吸引來投入更高報酬的投資。
8. 貨幣模型 Currency Model
The Currency Model is the theory that the country’s monetary policy determines the exchange rate. According to the model, the currencies of countries that have been implementing stable monetary policies for a certain period of time are strong and the currencies of countries with inconsistent or excessive expansionist policies show a decline in value.
貨幣模型是國家貨幣政策決定匯率的理論。根據該模型，在一定時期內穩定執行貨幣政策的國家貨幣變得強勢，而過度擴張主義或不一致政策國家的貨幣則貶值。
1. 一國貨幣的貨幣量。The volume of money in a country’s currency.
2.國家未來的貨幣量。 The nation’s future monetary volume.
3. 該國貨幣數量的增長率。The growth rate of the country’s monetary volume.
These factors are key to understanding currency trends that can change the exchange rate. For example, Japan’s economy has been in recession for the past decade. The interest rate level was almost zero, and the fiscal deficit prevented the government from increasing spending to get out of the recession. As a result, there was only one way that the Japanese government could revive Japan’s economy. It’s printing more money! By buying stocks and bonds, Japan’s central bank increased its currency volume, resulting in inflation that caused the exchange rate to change!
這些因素是了解貨幣趨勢的關鍵可以改變匯率。例如，過去十年來日本經濟一直處於衰退狀態。利率幾乎為零，財政赤字阻止政府增加支出以擺脫衰退。結果，日本政府只有通過印更多的錢來振興日本的經濟。通過購買股票和債券，日本中央銀行增加了貨幣的流通量，導致通貨膨脹，匯率產生了變化！
This is an example of implementing an excessive policy of increasing the money supply that the currency model can most successfully be applied. One of several ways a country can prevent a sharp decline in its currency value is by implementing a monetary tightening policy.
這是實施過度增加貨幣供應量的政策案例，是貨幣模型中典型案例。國家可以通過實施貨幣緊縮政策來防止其貨幣價值急劇下跌。
Another example is when the Hong Kong dollar was under attack by speculators during the Asian financial crisis. Hong Kong authorities have raised interest rates to 300 per cent to keep the U.S. dollar-linked. This method worked perfectly. Skyrocketing interest rates have allowed speculators to be kicked out. On the other hand, the downside was the risk that the Hong Kong economy could fall into a recession. Eventually, however, the U.S. dollar peg system was maintained, and the currency model worked.
另一個例子是，在亞洲金融危機期間，港幣受到投機者的攻擊。香港當局將利率提高至300％來綁定美元。這種方法效果很好。飆升的利率將投機者趕出市場。另一方面，卻也使香港經濟陷入可能衰退的風險。但最終，美元綁住匯率制得以維持，貨幣模型發揮了作用。
9.貨幣替代模型 Currency Substitution Model
The currency replacement model should be considered an extension of the currency model because it considers the investment flow of a country. It is assumed that the movement of the private and public sector portfolios from one country to another has a significant impact on the exchange rate. The act of individuals changing assets from their own and foreign currencies is called currency replacement.
貨幣替代模型應被視為貨幣模型的延伸，因為它考慮了一個國家的投資流量。假設私人和公共部門投資組合從一個國家轉移到另一個國家對匯率有重大的影響。個人將自己的本錢和外幣更改為資產的行為稱為貨幣替代。
Combining this model and currency model shows evidence that changes in expectations for a country’s currency volume can have a decisive impact on its exchange rate. Investors will be looking at the currency model data carefully and expect changes in the flow of funds, resulting in changes in the exchange rate, which results in investment execution, making the currency model predictable on its own. Investors who support this theory use a currency replacement model as a complement to the currency model.
將此模型與貨幣模型結合使用可證明，一國貨幣總量的預期變化可能對其匯率產生重要的影響。投資者將緊盯貨幣模型的數據，並期望資金流發生變化，來改變匯率，進而進行投資，從貨幣模型數據中自行預測趨勢。支持此理論的投資者使用貨幣替代模型作為貨幣模型的補充。
總結 Conclusion
The importance of economic indicators, for both fundamental and technical traders, should never be underestimated. There are many people who claim to be technical analysts, but in the foreign exchange market, almost every pro-traders has included economic indicators as an important factor in their trading strategies.
經濟指標對基本交易員和技術交易員皆很重要性。有很多人聲稱自己是技術分析師，但在外匯市場上，幾乎每個交易者都將經濟指標作為他們交易策略中的重要因素。
For example, a good technical analyst who focuses only on range trading (a strategy to buy at a low price and sell at a high price) will probably choose to leave the market without trading on the day of the release of economic indicators that trigger a very large movement in the market, such as Nonfarm payrolls (NFP).
例如，一個只專注於區間交易（以低價買入並以高價賣出的策略）的優秀技術分析師會選擇在經濟指標發布日，市場中可能會觸發非常大的變動，所以不進行交易就離開市場。例如非農就業數據（NFP）。
Traders who focus on technical breakouts (a strategy to trade on top or bottom breakthroughs) will, on the contrary, want to trade only on the day when important economic indicators that trigger price movements are released. For those who trade in automated systems, it is especially important to add a fundamental analysis.
相反的，專注於技術突破（突破高點或低點的交易策略）的交易者只想在觸發價格波動的重要經濟指標發布日進行交易。對於那些使用自動化系統進行交易的人，添加基礎分析尤為重要。
This is because turning on or turning off their strategies based on the economic indicators to be released could potentially have a significant impact on the overall performance of their trading strategies. Fundamental traders tend to perform better when economic indicators are released. The economic indicators that have the greatest impact on the exchange rate are, of course, the U.S. economic indicators. Nearly 90% of all currency tradings are made in exchange for US dollars.
因為根據要發布的經濟指標來進行策略可能會對他們交易策略的整體績效產生重大影響。當發布經濟指標時，基本交易者往往表現更好。所有貨幣交易中，有90％是用美元兌換，所以對匯率影響最大的經濟指標是美國的經濟指標。
In other words, the U.S. dollar is the benchmark or relative currency for most transactions. However, not all economic indicators affect it. Some economic indicators are very important and may have a lasting effect on the exchange rate, while others may not be of general importance.
換句話說，美元是大多數交易的基准或相關貨幣。但是，並非所有經濟指標都會被其影響。一些經濟指標非常重要，可能會對匯率產生長久的影響，而另一些指標可能並不重要。