Rate drops to new lows overnight as cross-liquidation continues. Aggressive liquidation by EURO-Sterling cross spreaders providing the main selling but traders note lots of stops active under the 1.3400 area. Late longs are under pressure and can't ignore a break of the 50% fib defense numbers.

Bears took a stand at 1.4700 area last year and likely have reached technical levels around the 1.3300 area so expect some firmness in this area. Traders note lots of aggressive active buying getting disappointed. Stops building under 1.3440 area likely in size; the question is will the buyers show up?

Rate is two-way and firmer due to cross-spreaders liquidating EURO-Sterling; repatriation also lending to the firm tone. Rate is likely to have a knee-jerk reaction to more rate cuts due later in the week but with a new 2008 low late in the month last month the probabilities are good that any rate cut is factored in.

Rate sees upside stops cleared around the 1.4680 area overnight putting the next level resistance around 1.4780 in play. Toolbox signals a trend sell as active from late in December likely running out of steam around the 1.4400 area so if holding shorts be nimble. Spillover from EURO not there today as spreaders unwind.
 

The USD is better against most major pairs this morning as traders unwound EURO-Sterling and Yen pairs giving the Greenback a boost by default some desks report. Stops were driving trade as the USD crossed several important S/R levels overnight; most notably in EURO as the rate fell through stops at 1.3500, 1.3440, and 1.3390 for a low print at 1.3330. Traders report that semi-official demand was seen under the 1.3400 handle but the rate is not responding higher at this point as liquidation from the non-USD pairs continues.

Health Saver is a new product launched by ICICI Prudential Life Insurance on this Monday. With the launch of this product now the consumers can afford their current healthcare expenses & can invest for their future health care needs. This product also gives tax benefits under section 80D on the entire premium paid.

The very common type of deadly brain cancers in humans now can be understandable by the mouse model of glioblastoma. Inder Verma, the Director of the Laboratory of Genetics at the Salk Institute said, "This mouse model taught us the basic principles of cancer biology."

Though this model will help to simulate the disease of brain cancer but it cannot fully find the molecular complexity in brain cancer patients.