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Jobs Day | Euro PMI Data Signals Growth Concerns

Published February 1, 2019
  • The durability of US economic expansion will be highlighted by payrolls data at this morning. Market expectations are for 165,000 new positions to have been added in January and the unemployment rate to hold at 3.9%.
  • Euro-area inflation slowed to 1.4% in January, with core inflation unexpectedly rising to 1.1%. Italian bonds fell significantly after manufacturing PMI data this morning came in at 47.8, leading to further concerns about the economy. Growth in euro zone factory activity was negligible in January with new orders falling at the fastest rate in years.
  • The loonie has gained considerable traction in yesterday’s session, trading at a high of 1.3140. However, the loonie came under pressure following the release of Canadian GDP data, as Statistics Canada reported that GDP contracted by 0.1% on a monthly basis in November.
  • The US and China cited progress at trade talks in Washington yesterday, however fell short of announcing the advancement in negotiations. They have agreed to reinforce cooperation on technology transfers and intellectual property rights, additionally China said it would buy more US goods.

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.