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Fed Decision Day | Oil Prices Extend Declines

Published September 18, 2019

  • The Federal Reserve will conclude its scheduled two-day policy meeting on Wednesday and will issue its decision for the federal-funds rate at 2:00 pm ET. The FOMC is expected to cut rates by another 25 basis points at today’s meeting.
  • Iran has sent an official warning through Swiss diplomats to the US that any action taken against Tehran will face an immediate answer, its state-run news agency reported on Wednesday, further raising Middle East tensions. WTI oil prices were trading lower at $ 58.19 a barrel this morning.
  • Canada’s annual consumer price inflation slowed to 1.9 percent last month from 2 percent in July after consumers paid less for gasoline and vegetable prices dropped, Statistics Canada said Wednesday. The Canadian dollar was trading slightly stronger – at 1.3248 levels – after the release.
  • The UK Office for National Statistics reported that UK CPI came in at 1.7 percent against the expectation of 1.9 percent. Meanwhile, the core inflation gauge arrived at 1.5 percent against the consensus forecast of 1.8 percent.

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.