Trading and News Issues

I would like to get some thoughts on how people trade the news. The USD took a Huge Hit today against the GBP on an orange day. I am assuming Consumer confidence and Chicago PMI were the culpurits.

I guess I am looking for the day to day routine you might have to determine your trading day and the way news might affect it.

Specifically:

Sources
When a news announcement rocks the market, how long before it is safe
to trade again
Certain anouncements, other than non-farm payroll, you might look at
etc., etc.

Thanks much.

Actually (or perhaps in addition to PMI and confidence) Bernanke's English counterpart Governor Mervyn King of the Bank of England made a few arguably "dovish" comments before the House of Lords that indicated the November 6th BOE rate rise would remain at 25 basis points rather than a 50 basis point increase. His speech wasn't listed on FF's calendar nor the FXCM global calendar.

As to which announcements one should trade, MaXey, BK and others have done a pretty good job itemizing news releases. The historical impact of each announcement determines to some extent: (1) whether to exit any programmed trades; and (2) how soon the market will "return to normal". Personally, I simply review various calendars for domestic and international announcements then set my calendar, lot sizes, and TP as appropriate. For example, it would be inappropriate for me to target 40 pips for the Wednesday, 1 November, 1:45 am est swissy release.