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Kyodo News is reporting that an economist was scanning Japanese Q4 2012 GDP data when he caught some egregious mistakes and reported them to the government.
As a result, some huge revisions were just announced to Q4 GDP, inflation and trade:
EUR/USD has traded sideways within a 25 pip range for the past four hours after initially bouncing from session lows on the weaker than expected US GDP numbers. Initial resistance remains on the hourly time frame at 1.3047 with the 1.3093 level seen as more important. Lower levels remain favoured while 1.3093 caps.
Looks like the focus has turned back the yen crosses following the BOJ failing to announce any further QE plans today with the weaker US GDP numbers an additional catalyst. We are probably also seeing some longs that were holding out hope for a break above the 100 level also cutting their losses.
On this relatively quiet session here's a useful article from an interview with Nate Silver. Much of the work that Silver does is of relevance to traders.
What do you see as the common theme among bad predictions? What most often leads people astray?
An official from the Treasury is briefed reporters following the G20:
Europe was the main part of G20 talks
EU needs to do more, be more aggressive
US closely monitoring Japan's domestic demand
US experience shows its clear that fiscal policy has to be flexible
Futures market speculative positioning data from the CFTC as of the close on Tuesday:
EUR net short 30K vs short 50K prior
JPY net short 93K vs short 78K prior
GBP net short 62K vs short 70K prior
AUD net long 53K vs long 78K prior
CAD net short 76K vs short 71K prior
