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Trump Open to Extend Chinese Deadline | UK Inflation Falls Below BOE Targets

Published February 13, 2019
  • President Trump signaled that he is open to extending the March 1 deadline for raising tariffs on Chinese imports if an agreement in principle is possible by the end of the month. China’s President Xi Jinping is likely to meet with a US delegation in Beijing for high-level negotiations on Friday.
  • EUR/USD extended its slide and has now drifted into negative territory now trading at 1.1309, as the greenback found support from the reports that US lawmakers have reached a tentative budget deal to avert another partial government shutdown and the sustained optimism over a possible US-China trade deal.
  • Inflation in the UK dropped below the Bank of England’s targets with prices increasing 1.8%. Additionally, continued inquiries regarding the health of the euro-area economy resurfaced as industrial production fell 0.9% marking the largest annual decline in a decade.
  • This morning US January inflation data will be published with expectations for substantial drops in the headline number to 1.5%, while core inflation is forecasted to hit 2.1%. Later, the US budget statement for December will be published, with a number of Fed members speaking at events throughout the day.

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.