How useful is macroeconomic analysis for day trading?

Macroeconomics involves the study of how the limited resources are utilized by a whole economy in production of goods and services for consumption. Economies can be those of state or even the world. The overall decisions concerning the economic factors affecting the whole economy are made. The prices of goods and services is driven by the macroeconomic indicators or factors. Macroeconomics facilitates the study of all the indicators which affect an economy of a particular country. These indicators such as the GDP growth rate affects the prices of goods and services sold in a state. The total national earning, the rate of employment, inflation and deflation rates and the total worth of the goods and services produced in the state among others constitutes the macroeconomic factors.

Day trading refers to trading after the official hours of trading. Macroeconomics analysis is not important in day trading because trading is done after official hours. There is no competition and thus it is not necessary to understand the factors that affects the market prices. A day trader must have the ability to judge the movement of prices.