NEW YORK (Reuters) – The wide-ranging U.S. spending cuts that automatically kicked in on Friday and threatened to dampen economic growth did little to diminish a U.S. dollar rally which was aided by upbeat economic data.
The euro sank to a 2-1/2-month low before quickly rebounding while increased speculation the new leadership of the Bank of Japan will move quickly to loosen monetary policy sent the yen reeling.
NEW YORK, March 1 (Reuters) – The wide-ranging U.S. spending
cuts that automatically kicked in on Friday and threatened to
dampen economic growth did little to diminish a U.S. dollar
rally which was aided by upbeat economic data.
The euro sank to a 2-1/2-month low before quickly rebounding
while increased speculation the new leadership of the Bank of
Japan will move quickly to loosen monetary policy sent the yen
NEW YORK, March 1 (Reuters) – A U.S. appeals court ordered
Argentina on Friday to provide “precise terms” for any
alternative payment formula it would commit to that would
resolve litigation with holders of defaulted bonds seeking to be
paid $1.3 billion.
The 2nd U.S. Circuit Court of Appeals in New York entered
the order two days after hearing oral arguments in the dispute.
The court gave Argentina until March 29 to submit a formula and
a timetable for carrying it out.
NEW YORK, Feb 28 (Reuters) – Stalemate in the United States
over automatic government spending cuts due to take effect on
March 1 and an inconclusive election in Italy undermined the
euro on Thursday, sending it back toward seven-week lows against
the U.S. dollar.
The greenback also found support from upbeat economic data
showing growth in the fourth quarter of last year, albeit
miniscule, after a preliminary report of contraction. Consumer
spending rose while weekly claims for jobless benefits declined,
contributing to some of the dollar’s strength.
NEW YORK (Reuters) – Argentina faced tough questions on Wednesday from a U.S. appeals court over its stance toward a group of dissident bondholders, a legal showdown that has sparked fears the country could have its second massive debt default in 11 years.
The 2nd U.S. Circuit Court of Appeals in New York heard more than two hours of arguments as it weighs whether to reverse an order that the Argentine government pay $1.3 billion to the so-called holdouts, led by Elliott Management affiliate NML Capital Ltd and Aurelius Capital Management.
NEW YORK (Reuters) – The euro traded flat against the U.S. dollar and yen on Tuesday, recouping early losses with the help of U.S. central bank assurances that a bond-buying stimulus program will remain in place, limiting the attractiveness of holding the greenback.
Political gridlock in Italy, the euro zone’s third-largest economy, following an inconclusive election is expected to keep the euro’s short-term gains in check. This could prove only a temporary reprieve to the currency, which hit a seven-week low on Tuesday.
NEW YORK, Feb 26 (Reuters) – Brazilian Finance Minister
Guido Mantega on Tuesday expressed confidence that the country’s
pace of inflation will remain within targets in full-year 2013,
and he promoted the government’s efforts to spur infrastructure
investments to help lift a flagging economy.
“We have met and exceeded our inflation goals for last year
and the same is in store for 2013,” Mantega told investors in
LONDON/NEW YORK (Reuters) – Britain suffered its first ever sovereign ratings downgrade from a major agency on Friday when Moody’s stripped the country of its coveted top-notch triple-A rating, dealing a major blow to finance minister George Osborne.
Moody’s said weak prospects for British economic growth, which have thrown the government’s deficit reduction strategy off course, lay behind its decision to cut the rating by one notch to Aa1 from Aaa.