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Canadian Manufacturing Sales Soften | German PPI Rises

Published August 20, 2019

  • According to monthly data published by Statistics Canada, manufacturing sales in June fell 1.2 percent to $58 billion following a 1.6 percent increase in May, however, came in slightly better than the market expectation for a decline of 1.8 percent. The Canadian dollar weakened and hit a low of 1.3337 after the announcement.
  • The German Producer Price Index rose marginally by 0.1 percent against the expectation of 0.0 percent in July, mainly driven by electricity prices. The euro was trading flat, at 1.1080 on the day against the greenback.
  • UK Prime Minister Boris Johnson said that preparations for a no-deal Brexit are on track. Johnson called on Germany and France to compromise on Brexit, cautioning that the UK would be ready to leave the EU without a deal on October 31, if necessary.
  • Boston Federal Reserve President Eric Rosengren reiterated that US economic conditions are still good and that lowering interest rates could destabilize the financial sector and encourage a debt build-up.

 

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.