NEW YORK (Reuters) – The U.S. dollar extended a broad-based rally on Tuesday after stronger-than-expected economic data, including an 8-1/2 year high in the pace of services sector growth and a bigger-than-expected increase in factory orders.
Earlier, European service sector data was mixed, with growth across much of the euro zone although a drop in Italy underlined the fragile economic outlook for the region and built expectations the European Central Bank will pump yet more euros into the financial system in an effort to boost growth.
NEW YORK (Reuters) – U.S. District Judge Thomas Griesa stepped in on Monday to defend the mediator he appointed to help settle a long-standing sovereign debt dispute between Argentina and holdout creditors after that country’s government accused the go-between of bias.
“The purpose of this ruling is to confirm that Daniel Pollack, the Special Master appointed by the court to preside over settlement negotiations, will remain in office,” Griesa ordered.
NEW YORK, Aug 4 (Reuters) – Currencies traded in narrow
ranges on Monday against the U.S. dollar, with prices holding up
from last week’s recent lows while attention shifts to central
bank meetings later in the week.
The euro was holding most of Friday’s gains, although down
slightly on the day at $1.3419 in morning trade in New York.
NEW YORK, Aug 1 (Reuters) – Emerging market credit default
swaps trading volume rose 40 percent in the second quarter of
this year, reaching $389 billion, versus the same period a year
ago, a survey showed on Friday.
However, EMTA, the emerging markets debt trading and
investment industry trade association, said in a statement that
volumes were down 5 percent from the first quarter of this year.
By Daniel Bases
(Reuters) – U.S. District Judge Thomas Griesa, in a stern tone, on Friday criticized Argentina’s decision to default on $29 billion in debt earlier in the week rather than pay holdout investors as ordered.
In a court hearing, Griesa told lawyers for Cleary Gottlieb, which represents Argentina, to “take steps to stop the misleading information being released by the Republic” regarding the battle between investors and the country. Elected officials in the South American nation have repeatedly stated that they had met their debt obligations, which Griesa said was a “half truth.”
#Argentina also ironic: Elliott Management & Argentine consulate are simply around the corner from each other. Settle over a coffee?
NEW YORK/BUENOS AIRES (Reuters) – Argentine Economy Minister Axel Kicillof unexpectedly arrived in New York on Tuesday to join last-minute debt negotiations with “holdout” investors in a bid to avert a default.
After a long battle in the U.S. courts, Argentina has until the end of Wednesday to either pay in full the hedge funds that rejected its restructuring on their defaulted bonds, cut a deal or win a stay of the court order that triggered the deadline.