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Fed Signals No Increases in 2019 | UK Retail Sales Beats Estimates

Published March 21, 2019
  • The Federal Reserve left interest rates unchanged, lowered its growth forecast and predicted that there would be no rate hike this year due to a recent slowdown in economic growth. Most Fed officials now anticipate holding rates steady for the remainder of 2019.
  • UK retail sales showed strong growth last month compared to a year before, in a sign that consumers remain unaffected by the Brexit impasse. The UK retail sales recorded an unexpected growth of 0.4% in February, beating market expectations of -0.4%.
  • The Bank of England kept interest rates steady with a unanimous vote and indicated that uncertainties over Brexit were too great to provide a clear guide to the forces shaping the economy. The MPC added the economic outlook will continue to depend significantly on the nature and timing of EU withdrawal.
  • President Donald Trump has warned that the United States will not immediately lift tariffs on $250 million worth of Chinese goods even if a trade deal with Beijing is reached in coming weeks. Trade talks are set to resume next week, and Chinese officials have been pressing for a full lifting of US tariffs as part of any deal.

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.