Rate drops through support Monday and Tuesday to a multi-week low; traders report large names absorbing offers ahead of 1.2600 and slightly below suggesting a potential buy point. Rate fails to hold firm on the 1.2900 handle but dips appear to be a test of support rather than a move lower so far.

Aggressive sellers likely to try and cap above key 1.3030 area; failure to hold 1.2900 likely to signal a further test of the lows but be patient. The dip is a buy opp but be nimble. Cross-spreaders likely pressure as crosses are unwound. Close above 1.3030 needed for further upside until then rallies likely to be sold into support around 1.2620/30 (?).

The USD continued to climb overnight but stalled off the highs in New York showing some signs of topping again as the long-awaited government "stimulus" bill failed to encourage investors today. At this writing President Obama is signing into law a record spending bill that has serious flaws and serious short-sighted programs in my view which will lead to a breakdown in economic recovery and a protracted recession/depression. Proponents of the bill suggest that spending will help the economy recover faster but many analysts and traders doubt that the method of investment will have little lasting effect.

The Mobile World Congress in Barcelona, Spain, Tuesday had GSMA announce its plan to realize an industry-wide standard with regard to a universal mobile phone charger by January 2012.

Bigwigs, like Nokia, Sony Ericsson, Motorola, Samsung, and Qualcomm, are among the seventeen mobile handset-makers and service-providers that are backing GSMA's announcement of a universal charging solution -UCS - based on the industry-standard Micro USB interface.

KEC International, a leader in the power transmission and distribution EPC business, announced that it has bagged orders worth Rs 365-crore from various government bodies for electrification of villages in West Bengal and Bihar.

The firm received the first order worth Rs 2.55 billion from West Bengal State Electricity Distribution Company for electrification of 3,340 villages that is scheduled to be completed by August 2010.

The second order valued at Rs 670 million was from Power Grid Corp Ltd in Bihar. The project is scheduled to be completed by July 2010.

The domestic cricket bans on Imran Farhat, Imran Nazir, Humayun Farhat, Riaz Afridi, Arshad Khan and Taufiq Umar has been suspended.

In a major relief to these players, the Sindh High Court on Monday has allowed them to play in the domestic matches in Pakistan.

With this, the Court, has so far cleared the names of 17 players in total in the local tournaments.