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Published August 9, 2019
  • Canada’s economy shed a net 24,200 jobs in July, driven by a decline in wholesale and retail trade, official data showed on Friday. The unemployment rate also moved up to 5.7 percent to give the economy its weakest three-month stretch of job creation since early 2018. The Canadian dollar was trading at 1.3256 against the greenback after the announcement.
  • The wholesale cost of US goods and services rose modestly in July, the Labor Department said on Friday. The producer price index for final demand rose 0.2 percent last month after nudging up 0.1 percent in June. The US Dollar Index was trading flat this morning, at 97.55 levels.
  • The UK economy contracted for the first time since 2012 in the second quarter, dragged down by a slump in manufacturing and construction activities. Overall, economic growth slid to 0.2 percent from 0.5 percent rise in the first quarter.
  • Italy’s deputy prime minister Matteo Salvini has called for a snap election, urging the prime minister to reconvene parliament to confirm that the coalition government is no longer viable

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: