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ECB Cuts Deposit Facility to -0.50% | US CPI Increases

Published September 12, 2019
  • Today’s meeting of the Governing Council of the ECB saw major shifts towards loosening monetary policy conditions. The interest rate on the deposit facility was decreased by 10 basis points to -0.50%, while the interest rate on main refinancing operations and on the marginal lending facility remained unchanged. Current levels are 0.00% and 0.25%, respectively.
  • Canadian new housing prices were down 0.1% nationally, for the third consecutive month in July. Edmonton reported the largest price decrease in July, with builders offering promotions and cash rebates to stimulate sales. Canada Mortgage and Housing Corporation reported that single-family home starts in Edmonton were down 25.2% year-to-date in July compared with the same period in 2018.
  • The US Consumer Price Index for All Urban Consumers increased 0.1% in August, on a seasonally adjusted basis, after rising 0.3% in July. Over the last 12 months, the “all items” index increased 1.7% before seasonal adjustment.
  • OPEC faces a growing surplus in the oil market next year that will push prices lower, the International Energy Agency stated on Thursday. The IEA monthly report went on to indicate that, while the oil market will face a small deficit in the second half of this year, supplies are expected to surge later in 2019 and into 2020.

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.