More write downs scaring the market!

Last night Centex homes (4th largest builder in the U.S.) wrote down ALMOST 1 BILLION DOLLARS (983 million).

We go through the night and I wake up and look at the news....the saga continues...

Merrill Lynch had $7.9 Billion in write downs ($5 billion of which was announced today). Many speculate there may be up to another $ 2.5 billion in write downs still to come.

So how could this affect the currency world? Well, any scares can drive money towards the Yen and out of higher yielding currencies.