U.S. SUMMARY: The EUR edged higher as upcoming talks between global finance ministers and a meeting of the ECB later this week helped drive optimism for further measures to ease stresses in the euro zone. In the short term, investors are looking ahead to a teleconference among G7 finance ministers. Also the ECB will hold its rate-setting meeting, where it is widely expected to cut its key policy rate by 25bps. "The likelihood of the ECB doing something in the near term has gone up," says Aroop Chatterjee, chief foreign-exchange quantitative strategist at Barclays in New York. The EUR/USD traded at 1.2502 Monday vs 1.2435 late Friday, the EUR/CHF was at 1.2010 vs 1.2012. The EUR/JPY was at 97.93 vs 96.99, the USD/JPY was at 78.35 vs 78.03, the USD/CHF was at 0.9608 vs 0.9664. the GBP/USD was at 1.5380 vs 1.5347. The ICE Dollar Index was at 82.539 vs 82.890. A surprise decline in U.S. factory orders weighed on shares of manufacturers sending the Dow lower, while a late rally pushed other stock benchmarks higher. The Dow fell 0.1%, the Nasdaq rose 0.5%. JPMorgan Chase slumped 2.9%, Caterpillar fell 2.6%. Crude futures broke a four-session losing streak posting gains on signs that European leaders may be readying further steps to support the currency union; Nymex July crude settled 75 cents higher at $83.98/bbl. Gold futures pulled back in holiday-thinned trading; August Comex fell 0.5% to settle at $1,613.90/oz. U.S. Treasurys fell on hopes Germany is warming up to the idea of deepening financial ties across the euro zone. Two-year yields were unchanged; 10 year yields were up 5.6 bps to 1.521%.
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