it all hinges off the context driven by sentiment. It is never black and white which is why retail traders in general dismiss fundamentals because they have tried trading it off the back of a better or worse than expected number to only get burned. In regard to the Fed the focus isn't currently on employment it is on wage growth so NFP on it's own isn't really playing a major role driving sentiment. I know this because the Fed communicate exactly what they are watching and their forecasts and concerns. You are on absolutely the right path with starting your trading journey by looking at this stuff but you need to go deeper than just the economic indicators. You need to start with the central banks, their policy, where they are in regards to their policy forecasts. Then you can start looking at the major data points they are watching and trade them accordingly. Being mindful of course that the closer the data point is to the most recent central bank official communication, the less important it will be.
