Part I. Again about Fundamental Analysis. Commander in Pips: So, it has happened again. We’ve reached the fundamental analysis topic and I might say that we are almost finished with technical analysis. Pipruit: Does it mean that now you can tell me something new about it? I already know that fundamental analysis is the study of fundamentals. Will that be sufficient? Commander in Pips: Not quite, I suppose. Besides, I will tell you not just “something” but a lot of new information. In fact, today we will start with a rather big part that is dedicated to fundamental analysis and will speak about many different things that are linked with it. Actually, when people start to discuss fundamentals – as a rule they mean economic fundamentals of some particular country. And these fundamentals include a lot of different information – economic, political reports, macro data, news, central bank fiscal policy, different announcements and reports. For instance, the credit rating of the USA was recent downgrading from AAA to AA+ by the S&P rating agency. This was a fundamental event. And the subject of fundamental analysis is to study these events and link them together to make a forecast – how all this stuff will have influence on future currency value. In general fundamental analysis combines a huge number of macroeconomic and political events and data around the world and tries to answer how they influence the value of any asset, whatever we trade.