In recent month's I think Covid news has played a big part in the markets. Also, Musk/Tesla seems to be the big indicator for crypto. I don't trade around NFP atm, I find it a little unpredictable and can make the markets irratic.
The answer is quite clear. You have to pay attention to economic and political news. It can help you to evaluate the market condition during a particular period of time. However, I'm convinced that it only works while you're planning a long-term trading. Of course, with a help fundamental analysis you are able to create a strategy based on economic news. Political news matters too because it affects economic directly. For example if the policy of proectionism is winding down, then you have to pay attention to companies who have great opportunity to grow their export after the cancellation of this policy.
You should conduct some research and see what kind of news affect the markets. Usually, news about oil and everything which is connected to oild affect markets greatly especially those currency, where oild plays huge role in economy.