By Mike Dolan

LONDON (Reuters) -What matters in U.S. and global markets today

Investors are keeping a wary eye on the progress of President Donald Trump's "One Big Beautiful" U.S. tax-cutting and spending bill that is slowly making its way through the Senate, with signs it may not make it by Trump's preferred July 4 deadline. Meanwhile, over on Wall Street, futures on the S&P 500 suggest another record high might be in the offing later on.

Mike Dolan is enjoying some well-deserved time off over the next two weeks, but the Reuters markets team is here to provide you with all the information you need to start your day.

Today's Market Minute

* Canada scrapped its digital services tax targeting U.S. technology firms late on Sunday, just hours before it was due to take effect, in a bid to advance stalled trade negotiations with the United States.

* The trade deal signed between U.S. President Donald Trump and British Prime Minister Keir Starmer lowering some tariffs on imports from Britain has come into effect, the British government said on Monday.

* A million-dollar question will hang over the world's top central bankers when they meet in Sintra, Portugal, from Monday evening: Is the monetary system centred on the U.S. currency beginning to unravel?

* The war between Israel and Iran offered a real-time look at some new global cross-asset dynamics that can help investors understand the state of play in the first half of 2025 and what they can expect in the next six months. TPW Advisory founder Jay Pelosky details three key takeaways from the conflict.

* Plus, ROI energy columnist Ron Bousso explains why Egypt was one of the biggest economic losers of the Middle East's 12-day war.

The euro's big beautiful moment

The euro is heading for a ninth straight day of gains versus the dollar, something it has only achieved three times since its inception in 1999. Another daily rise and we're in record territory.

In 2025's "everyone hates the dollar" trading environment, the euro, and European assets in general, have to be real magnets for investor cash.

The euro itself has gained nearly 14% against the dollar so far this year, while its performance against other currencies has been far less eye-popping. It has risen around 3.5% against both the pound and the Japanese yen and has barely broken even against the Swiss franc and Norwegian crown.

Confidence in the United States as an investment destination - not just in markets, but for businesses too - has not vanished, but has taken a serious knock from the erratic and unpredictable policies of the Trump administration.