DislikedA very personal opinion but i think u dont need to cover Japan even if u trade the Yen's...Ignored
I gather this information so that I know what's going on with the economy/markets and what kind of movements one could see going forward. If news and conditions favor risk appetite and the market confirms that I know there is going to be some dollar selling and euro buying going on, this usually provides support for fiber. If news are bad and risk appetite turns into risk aversion the safe haven currencies are going to benefit.
In any case, thanks for trying to help, Nasir. I hope my short explanation above provides some context as to why I'm doing this information gathering.
Let me provide you with one example of how I use the information that I gather. I've been following FOMC releases and FOMC members' speeches to gather information on the likely path of monetary policy in the US. This provides vital information as to the dollar's direction especially as the dollar has become a carry trade currency. On the other hand, reading up on BIS publications has made me realize that using the dollar as a funding currency will wreak havoc on banks worldwide in case of another financial meltdown (a possibility). The Swedish banks, for example, grew way bigger than what their deposits would allow and they went short the dollar on interbank markets. This caused them to have major funding issues during the crisis. It was not the Baltic mortgages that did them in, it was their reckless dollar shorts. But it was not just the Swedish banks, it was banks all around the world that participated in this activity. Have a look at the Fed's dollar swap line recipients and it suddenly becomes clear. This is information that is largely useless right now in terms of trading, but will become handy once Greece defaults thus sending markets into lock-down once again.
If you don't risk, you don't ever have to lose.