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ECB Hold Key Rates Steady | US Jobless Claims Drop to 49 Year Low

Published January 24, 2019
  • The European Central Bank has left its interest rates and its monetary policy message unchanged, moves that were widely expected. The Central Bank further said that they expect the key interest rates to remain at their present levels through the summer of 2019 and longer if necessary.
  • The number of Americans filing applications for unemployment benefits dropped last week to the lowest level since November 1969, a sign the job market remains strong despite the partial government shutdown that is now in its fifth week. Initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 199,000.
  • Bank of England Governor Mark Carney said Britain’s banking system is in good shape to deal with the prospect of the country crashing out of the European Union on March 29 without a deal. Carney reiterated that the BoE had room to react to a hard Brexit, adding that policy could move in either direction in such a scenario.
  • The US Senate is likely to vote this week on bills that, if passed, could end the month-long partial government shutdown. Both the Republican and Democratic measures are expected to fall short of the votes needed to pass, likely continuing the deadlock over government funding.

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.