AUTOREFRESH 
New York Forex Wrap Up: Sound and fury signifying nothing
- US GDP revised down to -6.2% from -3.8% previously in Q4 as inventories build, exports fall
- Chicago PMI rises to 34.2 in February from 33.3
- University of Michigan consumer sentiment index fell to 56.3 from 61.2 in January
- S&P says still expects more downgrades than upgrades despite CEE bailout package
- Canada reports first current account deficit in decade, budget barely in surplus
- US oil demand lowest in a decade.
- FDIC doubles estimates of bank failure costs, raises insurance fee
- S&P index closes below November low, down 11% for February
There was crazy price action today during the new York morning with markets extremely thin for month-end. EUR/USD fell to 1.2605 after US GDP came in at a disappointing -6.2% but was soon snapped up, rebounding all the way to 1.2737 by the 16:00 GMT fixing. There was talk of a trading error ahead of the fixing which required a large amount of EUR/USD to be dumped shortly there after, pushing it down to 1.2630 before it bounced to 1.2720 again. Day’s range in NY: 1.2605/1.2737
USD/JPY was whippy as well with heavy profit-taking early in the session helping trigger stops below the 97.10 
and 97.00 levels. USD/JPY fell to 96.90 before exploding to the topside, reaching 98.16 before stalling. NY range 96.90/98.16.
Cable recovered heavy early losses after the poor US data and a wave of GBP/JPY profit-taking, rebounding to 1.4345 before stalling. 1.4383 is next resistance, the 50% retracement of the week’s 1.4657/1.4111 range.
NY session range forGBP/USD 1.4111/1.4345
Thank you for all the hard work here this week guys. It’s always reassuring to know there is folk to turn to that can make some sense of it all.
I nearly forgot to mention that I joined digg this week so now I can digg all the posts!