April factory orders -0.6% vs +0.2% exp
Durable goods orders revised to 0.0% vs +0.2% prior
ECB's Nowotny endorses banking union
G7 to hold conference call on Europe on Tuesday
Merkel's coalition says tools ready to protect banks
Handelsblatt: Merkel prepared for 'burden-sharing'
Merkel and Barroso discuss banking supervision
Barclay's sees $800B Fed QE
S&P sees 1-in-3 chance of Greek euro exit
German foreign minister Westerwelle: austerity important but 'not everything'
Canada's Flaherty has fiscal room to act
Santander: Spanish banks need 40 billion euros (but not us)
China Daily: China making plans in case of euro breakup
S&P 500 flat at 1278, falls as much as 10% from high
EUR leads, JPY lags
Decent comeback in EUR/USD but nothing game-changing. EUR/USD opened at 1.2435 and rallied to 1.2497 in early US trading. It struggled with barriers at 1.25 for a short time before popping to 1.2510. It was a chop around 1.25 afterwards.
The Treasury rally finally stopped with 10s climbing to 1.52%. That sparked modest USD/JPY buying; up to 78.36 from 78.20.
AUD is in focus ahead of the RBA. Three options are on the table -- no cut, 25 bps or 50 bps. AUD/USD tripped buy stops above the post-NFP high of 0.9724 on a rally to 0.9747 but the sellers ahead of 0.9750 were evident, kicking it back down to 0.9693. Last at 0.9721.
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