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

US JOLTS Jobs Openings Data Due | Oil Prices Jump 1% on Further Sanctions

Published February 12, 2019
  • President Trump has stated his intent to meet Xi Jinping in an attempt to bring a resolution to the ongoing trade war. Representatives are meeting in Beijing later this week in an effort to come to an agreement in principle ahead of the March 1 deadline. Trump has threatened to double the rate of tariffs on $200 billion in Chinese imports if no deal is concluded.
  • British Prime Minister May is due to inform parliament today on the status of EU negotiations, with the expectation that she will request additional time to renegotiate the deal. The Bank of England Governor Mark Carney will discuss risks to the outlook for growth in the UK in a speech this morning.
  • USD/CAD has continued to move lower this morning as the pair is trading at 1.3250 down 0.33% on the day. In the US economic data there is the JOLTS Jobs Openings which is expected to slow to 6.84 million. This comes as the Federal Reserve focuses increasingly on the global trade war and slower US growth that has resulted in the Fed lowering its forecast to two hikes in 2019.
  • Oil prices have gained about 1% this morning, reinforced by OPEC-led production cuts and US sanctions against Iran and Venezuela. A barrel of West Texas Intermediate crude oil rose to $53.50. The ongoing closure of portions of the Keystone pipeline has facilitated the move upwards for WTI.

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.