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Dollar Surges After Positive Data | German Factory Orders Falls

Published February 6, 2020

  • The dollar gained against the basket of currency as risk appetite improved after the strong private-sector job report and positive non-manufacturing PMI. The dollar is expected to remain volatile against the counterparts before the key non-farm payroll report, due on Friday. At the time of writing, the dollar index is trading higher at 98.32 levels.
  • China announced on Thursday that it will have additional tariffs on $75 billion American products despite the coronavirus outbreak as part of its efforts to implement a recently signed trade agreement with Washington. Asian stocks and wall street futures also rallied after the announcement.
  • This morning, the euro fell after the disappointing German factory order which suggests Europe’s largest economy has not yet seen the worst of its slowdown. Overall, the factory orders came in at -2.1 percent against the expectation of 0.6 percent.

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.