• Oil prices hit 2019 highs as OPEC and its partners committed to continuing production cuts until at least June, when they will meet to discuss an extension. WTI crude prices have hit a high of $59.57.
• The Canadian dollar has posted slight gains against the greenback and made a high of 1.3250 in the morning session as investors weighed the potential impact of federal budget on Canada’s fiscal deficit and bet that the US Federal Reserve will strike a dovish tone this week.
• British Prime Minister Theresa May’s Brexit plans were in crisis as the speaker of parliament ruled that she could not put her divorce deal to a new vote unless it was re-submitted in a fundamentally different form. European Union lawmakers are set to gather on March 21-22, to vote on whether to grant the UK an extension.
• US Agriculture Secretary Sonny Perdue said China could triple its purchases of American farm goods in the next five years as part of a trade deal. He also confirmed things are relatively quiet on the trade front, however there are signs of progress.
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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.