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Canada CPI Beats Forecast | Trump Pushes for Significant Rate Cuts

Published August 21, 2019

  • According to the inflation report published by Statistics Canada, the annual Consumer Price Index in July stayed unchanged at 2 percent to beat the market expectation of 1.7 percent. The Canadian dollar recovered some of yesterday’s losses and was trading at 1.3267 after the release.
  • President Donald Trump said that his administration is looking at possible tax cuts, dismissing warnings about the US recession threat. Trump also reiterated that the Federal Reserve needs to be proactive and should cut interest rates by at least 100 basis points to lift the economy.
  • Federal Reserve Bank of San Francisco President Mary Daly said that the US economy does not appear to be headed toward a recession and that the Fed was right to lower rates in July as it sought to keep the economy on a path of growth.
  • US Secretary of State Mike Pompeo said that the US has removed nearly 2.7 million barrels of Iranian oil from global markets daily as a result of Washington’s decision to reimpose sanctions on all purchases of Iran’s crude. WTI crude was trading at $56.72 a barrel before today’s key inventory data release.

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.