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

Canadian Dollar Tumbles | German Industrial Output Falls

Published August 7, 2019

  • The Canadian dollar weakened on Wednesday and hit a low of 1.3344, levels last seen in mid-June. This weakness was mainly driven by the broad US dollar strength and lower WTI crude prices, which fell more than 2 percent this morning.
  • German industrial production dropped significantly for the second time in three months in June, compounding fears that Europe’s largest economy could be heading for its first recession in more than six years. Overall, industrial production was down 1.5 percent compared with the previous month.
  • Director of the White House National Economic Council, Kudlow, said that the US holds the upper hand in trade negotiations with China and the Chinese economy is crumbling under the weight of the ongoing US-China trade war. Kudlow added that the Trump Administration wants to continue trade talks with China and is still planning to host a Chinese delegation for talks in September.
  • Louis Federal Reserve President James Bullard has stated that the Federal Reserve has already adjusted for trade uncertainty and does not see conditions warranting a 50-basis point cut all at once.

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.