img CDN
img AUS
img NZ
img US
Call us now: 1.844.363.7297
imgExpress Login

Bank of Canada, Fed Decision Day | UK Set for General Election

Published October 30, 2019

  • The US and Canadian central bank’s monetary policy decisions are due today. The market is not expecting any rate cuts at the Bank of Canada meeting while predicting a quarter basis point reduction from the Federal Reserve. The US central bank has already cut rates twice this year compared to the BOC, which is yet to cut rates since 2015.
  • The US dollar is expected to remain volatile against the counterparts, as US advance GDP data is released this morning. The US GDP growth is expected to show a modest pace of growth in Q3 and expecting a 1.6 percent increase against the Q2 reading of 2.0 percent. At the time of writing, the dollar index is trading at 97.63 levels.
  • The Canadian dollar marginally weakened across the board this morning before the key central bank meetings which are due later today. At the time of writing, the Canadian dollar is trading slightly lower, at 1.3082 levels against the greenback.
  • Britain Prime Minister Boris Johnson is on course to get the general election on December 12th after winning crucial votes. The House of Commons voted by an overwhelming majority of 438 to 20 in favor of an election in six weeks’ time. Tuesday’s vote was Boris Johnson’s fourth attempt to take the UK to the polls since he became prime minister three months ago.

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.