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There is sort of a neo-giallo though. A non Italian giallo, (but not a modern one) would be Pieces. There's the fetishistic violence, the same kind of cat and mouse game and even the ridiculous dubbing. I would say that all giallo are slasher movies, but not all slasher movies are giallo obviously. Non-giallo slashers have abandoned aesthetics, pseudopsychology and intense stylization, which are present in giallo. Wolf Creek would be a non-giallo slasher. As for a modern non-italian giallo, I can't think of anything but Seven really. It isn't territory too often touched upon directly in American movies, though I'd say Halloween has its share of giallo elements. It begins with a childhood trauma, the killer performs fetishistic acts of violence and many shots are done from the killer's POV. Not to mention the gialloish music.
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