Fundamental analysis is an approach to analyzing financial markets that involves evaluating the economic, financial, and other qualitative factors that affect the price of a particular currency or asset. In the Forex spot market, fundamental analysis can be used to assess the relative strength of different economies and to identify potential trading opportunities.

1. Economic indicators: This includes a range of data on a country's economic performance, such as GDP, inflation, employment rates, trade balances, and consumer confidence. Forex traders often use these indicators to get a sense of the overall health of a particular economy.
2. Central bank policy: The decisions made by central banks, such as the Federal Reserve in the US, can have a significant impact on the value of a currency. Traders will often pay close attention to interest rate decisions, as well as comments from central bank officials about their outlook for the economy.
3. Geopolitical events: Political events, such as elections or geopolitical tensions, can also have an impact on currency values. For example, the Brexit referendum in the UK led to significant volatility in the value of the British pound.
4. Market sentiment: Finally, traders may also consider market sentiment when conducting fundamental analysis. This refers to the overall mood or outlook of market participants, and can be influenced by factors such as news headlines, social media, and other sources of information.