trading currencies on fundamental events from a daytrading perspective mostly is to do with market positioning ahead of the econ release, are they building positions towards it or are they unwinding positions ahead? if there is a position building up, what kind of numbers are they expecting? if there is no market positioning, is there a higher priority of macro event later in the day or throughout the week? what kind of numbers moves the market? what of numbers will force these positions to cover? where are their potential stops? what numbers should price hold & not revisit back prior level? will they take profit immediately after release or are they using it to build position on another more important macro event? Then look into the charts & use technicals to draw out all these hypothesis, which scenario is most likely to happen with good risk/reward ratio, which scenario you dont want to trade, how you execute each scenario
If you noticed all these questions, they are all about them them them & their reaction towards that new information, not just actual better or worse than expected



as for central bank governor speeches, is there a release speech text at the turn of the hour or no, if no then we humans have a much better edge than the text to execution algos, what the market wants to see?
example last friday's yellen speech at jackson hole, we know from various sources the speech text will release on the fed website & on other news agencies like bloomberg, reuters cnbc etc at the turn of the hour so it is mostly likely text to execution algos will hit prices immediately based on the keywords in the text. Hedge/investment funds will take about 2-3 minutes to scan & digest her speeches. So we all already know janet's speech is hawkish but the market went the opposite direction. What went wrong? there seems to be no hint of a sept rate hike in the text. Later on fed fischer throw the dog bone to the market with 2 rate hikes this year.
What does 2 rate hikes implied? If you look in the fomc meeting calendar, they only have 3 meetings left this year, sept, nov, & dec but fomc meeting with press conference are left with 2. Traditionally rate hikes usually have press conference later on so nov month is out. That hints sept meeting could be a live. If fischer said there is 1 rate hike this year, it could implied that either sept or dec but based on fed fund rate futures probability the market is no rush to priced in their orders right now so market might continue go south or back to scene of the crime. These are some basics in speech analysis but there are other factors to put into considerations like fed member stances, forward guidance, dot plot projections etc. Sometimes even the color of the necktie or unusual changes in appearance may give hints *cough*draghi*cough*



market manipulation is an easier excuse from the retail side but to be fair UK statistic department occasionally leak before it came out, so you sometimes get to see aggressive trends 10-25 mins into the news