• UK Parliament voted in favour of taking control of the Brexit process yesterday, of which will allow lawmakers to hold a series of policy votes to determine the path forward. The range of possible outcomes include everything from leaving with no deal to holding another referendum.
• The US housing market is set to pick up this morning as investors will get a pulse on the market when the Commerce Department releases February’s housing data. The data comes after positive housing data reported for January with a 18.6% jump to a seasonally adjusted annual rate of 1.2 million units during the month.
• EURUSD has continued to slide this week, with the pair currently trading at 1.130. On the data release front, German GfK Consumer Climate fell to 10.4, alongside US CB consumer confidence expected to improve to 132.1 points later this morning.
• West Texas Intermediate prices rose this morning after pullbacks from 2019 highs at $59.80. Positive sentiment was impacted by broadly weaker data in the past few sessions, as market participants have an eye on OPEC actions in reduction and US sanctions on Iran and Venezuela.
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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.