Currencies

Mixed third quarter profit reports affected a mixed day on Wall Street.

Wall Street managed to convince itself last night that the month-old Fed minutes foretold of further rate cuts ahead. Aye caramba.

The US dollar continued its fight back rally against major currencies last night, sending oil, gold and metals south. The Dow closed slightly lower.

The British banking system is still in turmoil as cheaper and less overt ECB funds are being sought.

Stock markets finished mixed as housing woes continued and gold took a tumble.

TD Securities sees scope for the Australian dollar to trade at parity or beyond against the US dollar, with Danske Bank expecting the US Dollar to remain weak while the Fed are alone in cutting rates.

All is forgiven. The Dow closed at a new record high last night as Citigroup aired its dirty laundry.

The Dow closed off the quarter with a small down day.

Jobs numbers were good, housing numbers were woeful (which is good), oil shot up again (which is good for oil stocks) and end of quarter window dressing is in play.

The Dow ratcheted up another 100 points last night driven largely by GM. Bear Stearns rumours also fuelled the fire along with a very poor durable goods number.