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Trump Speech in Focus | ISM Non-Manufacturing Expected to Decline

Published February 5, 2019
  • President Trump will deliver the State of the Union address Tuesday at one of the most vulnerable moments of his presidency, challenging Democrats to approve funding for his long-sought border wall but stopping short of declaring a national emergency over it, at least for now.
  • The ISM non-manufacturing data is scheduled for release today. The consensus forecast for January stands at 57.2, down from previous month’s reading of 57.6. Typically, the figure is released ahead of the NFP data but it’s late this month due to Christmas and New Year holidays.
  • Cleveland Federal Reserve President Loretta J. Mester said that the Federal Reserve’s new wait-and-see approach to monetary policy is appropriate for now. However, central bank may need to raise interest rates a bit further if the economy does as well as she expects.
  • White House economic adviser Kevin Hassett said the US economy will post strong growth in the first quarter, despite negative effects from the extended government shutdown amid a strong labor market, more capital investment and rising productivity. He also stated President Trump still hoped to make a US-China trade deal by the March 1 deadline.

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.