NEW YORK ( TheStreet) -- The U.S. dollar was weaker across the board vs. the major currencies as weakness from last week carried over after the return of U.S. market participants.

The euro touched its highest level vs. the dollar since May 21 before falling back, but this euro correction higher may go further before running out of steam. Yen and Swiss franc were both largely softer, while EM FX was mostly firmer. Eastern Europe led the gains, as sentiment on that region has improved with recent IMF money given to Romania and Ukraine.

Biggest gainers on the day vs. USD were AUD, RON, HUF, ZAR, and SEK, while biggest losers vs. USD were COP, INR, BRL, ARS, and ILS. RBA kept rates steady as expected. U.S. non-manufacturing PMI was weaker than expected at 53.8. BOE and ECB meeting s Thursday are next big events for markets, though no change in policies expected.

U.S. equity markets were higher, as DJIA, S&P and Nasdaq ended up 0.6%, 0.5%, and 0.1%, respectively. European markets were higher, with Euro Stoxx 50 up 2.8%. Asian equities likely to open up today as Asian ADRs were higher during N. American trading Monday. Nikkei futures point to a flat Japan open, but the softer yen should help Japan exporters.

U.S. bond market was higher, as 2- and 10-year yields fell 2 bp and 4 bp, respectively. European bond markets were lower, as 10-year yields in UK, France, and Germany were up 3 bp, 4 bp, and 5 bp, respectively. Greek 10-year yields fell 6 bp, Portugal rose 7 bp, Italy rose 5 bp, and Spain rose 6 bp.
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