img CDN
img AUS
img NZ
img US
Call us now: 1.844.363.7297
imgExpress Login

US Core CPI Misses Estimate | Oil Rally Stalls

Published June 12, 2019
  • WTI crude prices dropped sharply as commercial crude inventories rose by 4.9 million barrels in the week through June 7, according to the American Petroleum Institute. WTI crude was down by 2.9 percent, at 51.97 a barrel on the day. Traders are now waiting for confirmation when the US Energy Information Administration releases official government figures today.
  • The US Consumer Price Index missed, with a rise of only 2.0 percent year-on-year on Core CPI and 0.1 percent on a monthly basis, as a rebound in the cost of food was offset by cheaper gasoline. The US Dollar Index dropped sharply after the announcement and was trading lower on the day at 96.57 levels.
  • White House Economic Advisor Larry Kudlow predicts the US economy will maintain 3 percent pace even without a China trade deal. Kudlow also acknowledged that he remains hopeful that negotiations between Beijing and the US can be repaired after stalling last month.
  • US Commerce Secretary Wilbur Ross said that President Trump and his Chinese counterpart Xi Jinping may decide to reopen trade talks, however, both will not strike a definitive deal to end the trade war between the US and China at an anticipated meeting late this month during the G20 Summit in Japan.

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.