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ECB Day | Canadian Trade Balance in Focus

Published June 6, 2019
  • The European Central Bank kept interest rates on hold today amongst increasing pressures from investors for policymakers to signal additional quantitative easing. Trade tensions and persistent fears of a global recession have put markets in a state of flux and has continued to push the sentiments of the ECB.
  • The Bank of England’s governor, Carney, stated that if the UK economy continues to perform as the monetary policy committee anticipates, upward pressures on domestic prices is likely to continue. Governor Carney went on to say that, in this scenario, it is highly likely that the central bank will have to raise interest rates further in order to keep inflation at target.
  • USDCAD has come under pressure as crude oil prices continue to drop; there has been increasing emphasis on selling the commodity as global trade fears mount. This morning, Canada will publish trade balance data along with Ivey PMI reports. The US economic docket will feature weekly jobless claims data together with trade balance figures.
  • President Trump has said that “not nearly enough” progress has been made during the first day of talks between Mexico’s foreign minister, Marcelo Ebrard, and White House officials. The goal of this meeting is to avert a US 5% tariff threat due to be enforced on Monday.

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.