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Canadian Manufacturing Sales in Focus | German ZEW Sentiment Rises

Published January 21, 2020
  • The Canadian dollar is expected to remain volatile against the greenback, as the Canadian manufacturing sales data for the month of November is set to be released this morning. Overall, the manufacturing sales figure is expected to show a decline of 0.5 percent in November as a partial recovery in auto shipments proves insufficient to counter a wider fall in manufacturing activity. At the time of writing, the Canadian dollar is trading at 1.3060 levels against the US dollar.
  • The German economic sentiment rose significantly to 26.7 in January, up from the last reading of 10.7 and beat the market expectation of 15.2. German President Achim Wambach stated that the continued solid rise of the economic indicator is mainly driven by the recent settlement of the trade dispute between the US and China.
  • The US Treasury Secretary Mnuchin said that that the next phase of the China deal may not be a “big bang” that removes all existing tariffs. Mnuchin also warned that Italy and Britain will face US tariffs if they proceed with a tax on digital companies like Alphabet, Google, and Facebook.

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.