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Federal Reserve to Ease Rates? | Eurozone CPI Data Due

Published June 4, 2019
  • The St. Louis Fed president, James Bullard, recently remarked that a cut may be needed soon to counter trade war risks. Additionally, Federal Reserve Vice Chairman Richard Clarida stated that the central bank is prepared to ease if it is required. Market participants will be paying close attention to the remarks made by Jerome Powell, Federal Reserve Chairman, at a policy conference in Chicago later this morning.
  • There was disappointing data from the UK this morning, with retail sales declining the most on record in May. Sales slumped 2.7% in May, the largest drop ever recorded in the British Retail Consortium.
  • The euro area seasonally adjusted unemployment rate was 7.6% in April 2019, down from 7.7% in March 2019. This marks the lowest rate recorded in the euro area since 2008. The euro area received another disappointing data read as Eurostat’s flash reading of Eurozone CPI report came in at 1.2% in May, missing expectations of 1.3%. Meanwhile, core figures also dropped to 0.8% in the reported month when compared to 0.9% expectations and 1.3% previous.

 

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.