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Big Week Ahead in Canada | Hong Kong Chaos Continues

Published November 18, 2019
  • There is plenty of major economic data being released this week in Canada, including September Manufacturing, Retail Sales, and October CPI.  Bank of Canada Governor Poloz and Deputy Governor Wilkins each have speeches scheduled this week, so loonie traders will have to be on high alert for potential volatility in USD/CAD.
  • Hong Kong protests turned violent yesterday as hundreds of protesters clashed with police outside Hong Kong Polytechnic University.  The escalation of violence continues to be a troubling trend that has shook the city and remains a wildcard as a geopolitical threat to global stability.  The global economic impact of the protests has been relatively muted thus far, but that could all change if the conflict escalates to the point of Chinese intervention.
  • According to Germany’s Bundesbank, there is no reason to fear a German recession.  The Central Bank released its latest economic monthly report, and it added that it feels the German manufacturing downturn is leveling off.  These positive remarks have helped support the Euro, which starts the week well into the green for the third consecutive session.
  • The latest UK election polls show Boris Johnson and his Conservative Party have a double-digit lead, which would put them on track for a majority government.  There are still 24 days left until the British people vote, which is plenty of time for new headlines, scandals, or polls to change the course of the election.  While opinion polls have not always been reliable in recent memory, the British pound is feeding off the headlines and has erased its losses for 2019.  The next test for GBP will come on Tuesday as candidates take part in the first televised election debate.

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: