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.

According to a report published recently, Metro-Goldwyn Mayer Studios, better known as MGM is the first major movie studio to post full-length feature films on YouTube, the world's biggest stage for online videos.

After spending months smoothing fractured relationships in Hollywood, YouTube as reported by CNET News on Thursday, is preparing to launch a feature-film service on its website.

If, Us magazine is to be believed, Sienna Miller and boyfriend Balthazar Getty have split up. Talking to the magazine at Hollywood Dominoes VIP launch in London, Miller said she was single and completely happy about it, as being in a relationship meant the press was constantly prying and criticizing it.