News absolutely does impact the currency market movement. Nearly all of the EAs (auto-trading robots) we create at http://www.SecretsFromTheHeart.com are meant to be turned on and off according to different news events of the week but it's easy to figure this out. Though ForexFactory.com does list most events, there are some they don't, such as Options Expiration; an event that happens every 3rd Thursday and Friday each month and typically dramatically moves the market.
Through over 5 years experience in trading the Forex, I've determined that it's best to not try to trade the most volatile news such as FOMC rate statements and NFP (non-farm payroll) at the release due to broker slippage and re-quotes. But we did create an EA called FX News Raider to trade NFP news with success but not the immediate release. This EA can also be used with other news releases to profit in Forex trading. Opportunities are usually at least a couple of times each week. Go to http://www.secretsfromtheheart.com/fxnewsraider.htm to learn more.
One of the things to look at when studying history of the market movement after a news release is the 'duration of move'. An event such as FOMC may only last 10 minutes, where other events may last hours, depending on the currency pair traded.
It's also important to keep up with current news just in case a surprise event happens.
to your success,