• The US Non-Farm Payrolls showed 196,000 jobs were created in March, slightly better than expected but wage growth slowed to 0.1 percent and manufacturing jobs fell unexpectedly. The unemployment rate was unchanged at 3.8 percent as expected.
• UK Prime Minister Theresa May has asked the European Union to delay Brexit until June 30, setting up a battle with the bloc ahead of a key summit next week. The move is aimed at allowing divided British politicians to agree a withdrawal deal.
• President Donald Trump hinted the United States and China are inching closer to a comprehensive trade pact to end a year long trade impasse between the world’s two largest economic superpowers within weeks. However, Trump declined to confirm reports that he would hold a summit with Chinese President Xi Jinping later this month.
• John Williams the President of the Federal Reserve Bank of New York said the outlook for the economy remains positive and GDP growth is on track, in comments that offered no hints about what’s next for central-bank interest rate policy.
© Copyright - EncoreFX, 2018.
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.