Daily FNArena News - FYI

The pattern has been broken as the Dow fell another 200 points on Friday despite a strong economic growth number. The Aussie continues to be slaughtered.

The Aussie dollar was pushed sharply lower overnight but according to Westpac Bank its uptrend against the US dollar should soon continue with US92c a year-end target.

Goldilocks fled the scene last night as exceptionally poor housing data finally overshadowed any earnings reports and credit contagion ruled the day. Carry trade unwinding began in earnest stripping more than a cent off the Aussie.

Another Australian hedge fund has suspended redemptions while an Italian bank is close to going under. And GaveKal contemplates the $5 Hermes tie.

A spectacular result from Amazon headed the positives on Wall Street last night as growing LBO disquiet and very poor housing data reinforced credit market problems. Goldilocks was ahead on the day.

Weekly musings by your editor. Has uranium fallen prey to the revenge of the buyers?

The Dow was down 227 points last night as America’s biggest mortgage lender reported a 35% fall in profit, and it wasn’t all because of subprime.

Danske Bank suggests conditions remain favourable for the euro against the US dollar and forecasts a move through 1.40 in coming weeks.

The Dow posted a 92 point rally last night as M&A shouldered aside subprime and Merck posted a good result.

The Australian CPI will be out on Wednesday while the RBNZ will make a rate decision on Thursday.