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US GDP Matches Estimate | BoC Holds Rates, Reiterates Status Quo Stance

Published May 30, 2019
  • The US first quarter GDP grew by 3.1 percent, slightly lower than the initial 3.2% projection from the Bureau of Economic Analysis, the Commerce Department reported Thursday. The initial market reaction to the reading was relatively muted as the US Dollar Index was trading flat on the day above 98 levels.
  • The Bank of Canada kept its benchmark interest rate steady at 1.75 percent on Wednesday in a widely anticipated move that reflects a clouding global economic outlook. The Canadian dollar hit a 5 month high after the announcement, however, USDCAD retraced some of its losses and was trading at 1.3490 levels this morning amid surging oil prices.
  • The US jobs market continued to point to ongoing tightness as initial claims for state unemployment benefits rose 3,000 to a seasonally adjusted 215,000 for the week ended May 25, the Labor Department said on Thursday.
  • People’s Daily, the newspaper owned by China’s ruling Communist Party, said that the country is considering limiting exports of rare earths as the trade war with the US escalates. China dominates the global supply of rare earth minerals and accounted for almost 80% of exports to the US last year.

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.