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Back To Work | WTI Slips on Increasing US Rig Count

Published January 28, 2019
  • The partial government shutdown has ended with temporary funding that will re-open agencies until the beginning of February. President Trump specified that he is willing to close the government again through the use of emergency powers if lawmakers fail to provide funding for the border wall by the deadline.
  • In USDCAD the pair has recovered towards 1.3235. This comes as reports surface regarding the Federal Reserve’s consideration of a stop to shrinking its balance sheet. Markets will remain on edge ahead of the next round of US-China trade talks this week, as well as the FOMC meeting where it is expected that the central bank will pause its tightening cycle.
  • Oil prices dropped this morning as US energy firms added considerable amounts of rigs with an indication that crude production may rise further. This comes as the world’s second-largest oil user China has reported additional signs of economic slowdown. West Texas Intermediate oil futures were trading at $53.43 per barrel.
  • GBPUSD is likely to test levels above 1.3250 ahead of BOE Governor Carney’s speech. The UK Parliament prepares for the latest test of their resolve with a fresh round of voting on Brexit amendments, this comes as Irish Foreign Minister Coveney has expressed no need for further compromise on the Irish border backstop.

To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.