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Crude Oil Prices Edge Lower | US Consumer Confidence Due

Published October 29, 2019

  • WTI oil prices slipped on Tuesday, pressured by expectations of a rise in US crude inventories and doubts that OPEC and its allies will cut oil output further in December. The American Petroleum Institute releases industry data later today. WTI crude oil is trading at around $54.80 per barrel.
  • The US dollar is expected to make minor advancements against the counterparts today, as US Consumer Confidence data is released this morning. The Consumer Confidence Index is predicted to rise to 128.0 in October from 125.1 in September. The Dollar Index is trading at 97.78 levels.
  • President Donald Trump and Chinese President Xi Jinping are tentatively expected to meet on November 17 with the aim of signing an interim trade deal. Both sides have expressed optimism that Trump’s phase one trade deal can be completed in time for the meeting.

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.