In what is seen as a major embarrassment for the Kremlin, which has repeatedly promised to tighten safety checks after a number of marine accidents in recent years, an accident occurred on the Nerpa, an Akula II-class attack submarine, due to a gas leak that killed 20 people .

According to the experts, the fatalities aboard the submarine in the Sea of Japan, were the result of Freon gas spewing into the craft after a malfunction in its fire extinguishing system.

The much applauded first unmanned lunar mission of India Chandrayaan-1, has entered the lunar orbit and will spend the next two years mapping the moon's terrain. This mission has put India in league with the five great nations in space exploration sector, namely US, Russia, Japan and China. The success of the current mission has encouraged scientists to compete with China and Japan to put a man on the Moon by 2025.

Short squeeze likely over if the rate can trade 1.3000 handle this week. Expect a rotation lower as the rate continues to consolidate in two-way action. Traders note large stops at the 1.2950 area with more over 1.3000 but offers likely to cap on first try.

Russians buying EURO around the 1.2860 area last week traders say; offers from same likely were seen in GBP this morning. Bids on dips from profit-taking shorts some desks report. Rate possibly getting spillover effect from GBP and vice-versa suggesting both pairs may track each other near-term. Support also from cross-spreaders as they unwind Yen.

The USD opens New York mixed after a quiet two-way overnight session aided by non-USD cross spreading; minor economic news helped to underpin the majors as the week gets underway. Overnight China announced a large economic stimulus plan and "appropriate measures" to be taken in order to continue China's record expansion; traders note that most of the Asian currencies were slightly weaker against the Yen and USD on the news. Equities rallied in Asia as well taking their cue from the news despite ongoing concerns of global recession; Wall Street is expected to open firmer today as well likely due to spillover effects from European bourses which are mostly higher as well.

According to Chicago Tribune sources, William Balfour, the only individual identified as a 'person of interest' in the double slaying of Jennifer Hudson's mother and brother, allegedly confessed his involvement to a current girlfriend.

However, Balfour's girlfriend told police, he played no role in the death of Hudson's nephew, seven year old Julian King, son of Jennifer's sister Julia and Balfour's estranged wife. King, who also went missing the same time as the shootings took place, was later discovered shot dead in an SUV found on the South Side of Chicago.