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US PPI Data Expected to Rise | EU Grants UK Brexit Extension

Published April 11, 2019



• This morning the International Energy Agency cautioned in a report that falling demand for crude could become a bigger issue for the rest of the year. A barrel of West Texas Intermediate was trading at $63.90 earlier this morning.
• The loonie has slipped against the greenback this morning with USDCAD trading at 1.3380 up 0.33% on the day. The US will release producer price index reports, with PPI expected to rise to 0.3% and Core PPI forecasted to improve to 0.2%. US unemployment claims will also be published this morning which is projected to rise to 210,000.
• The EU has granted the UK an extension to exiting from the economic bloc with the deadline moved to October 31. The delay will mean that Prime Minister May’s leadership position will come under further pressure as members of her party will see the risk of no Brexit at all increasing in light of the new delays.
• European Central Bank policy makers have agreed that euro-zone economic growth has held up in line with their official forecasts despite weak data. The Governing Council of the central bank met yesterday and continued to voice a skeptical outlook over the prospects of a pickup in the second half.





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.