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FED Decision Day | UK Inflation Rises

Published March 20, 2019
  • The US Federal Reserve’s Federal Open Market Committee monetary policy decision is due to be announced later today and the Fed is expected to hold interest rates steady and might announce plans for the end of asset roll-off from its balance sheet. The Fed could further lower projections for the number of interest-rate hikes this year. Markets will closely be watching for the FOMC’s post-meeting communications.
  • The annual rate of change in Britain’s consumer price index rose unexpectedly in February but remained below the Bank of England’s inflation target. The UK CPI 12-month rate came in at 1.9% in February, up from January’s 1.8%, which had been its lowest since December 2016.
  • The US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will return to China next week for more bilateral trade talks with their counterpart, Chinese Vice Premier Liu He, Trump administration official said, as the two sides push for a deal in coming weeks.
  • British Prime Minister Theresa May has formally asked for a three-month extension to the process of leaving the European Union, however uncertainty over no Brexit deal still looms as the UK could leave the EU in nine days if a delay is rejected by European leaders.

 

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.