The news from the US of A is not getting any better. Yesterday we saw some further weak housing numbers with the October report showing permits hitting a 14 year low. Freddie Mac reported a net $2 billion loss and needs to raise capital to build reserves. The Fed's October minutes showed they have a real concern over further economic slowdown and Wall Street put in another unconvincing performance. Add to this IMF's Lipsky stating in Vienna yesterday that the USD is 'still on the strong side' and has been overvalued, So not surprising that markets are building in a 90 per cent chance of the Fed easing next month and that the USD is not wanted out there. Rumours also building that Middle East names are now openly selling US dollars thus raising the fears that the reallocation of 'petro dollars' is getting underway. Wall Street futures look soft again this morning as does the US currency.