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Markets Lackluster as US Shutdown Continues | ECB Warns of Weaker Growth

Published January 25, 2019
  • The US Senate has rejected two bills to end the government shutdown, leaving no end in sight to the record-breaking closure of federal agencies. In an embarrassment to US President, Donald Trump, that could weaken his position in negotiations, the Democratic proposal got two votes more than the Republican plan in the Republican-dominated Senate.
  • European Central Bank head Mario Draghi said that the bank is ready to adjust all its instruments if the economy runs into serious trouble and acknowledged risks have moved to the downside. Draghi further said the economic growth in the eurozone was likely to be weaker than earlier expected due to global slowdown and Brexit.
  • US crude oil prices rose despite sharp gains in crude and gasoline stockpiles as turmoil in Venezuela triggered concerns that its crude exports could soon be disrupted. WTI crude prices have hit a high of $53.94.
  • There was mounting concern about the German economy after business confidence index dropped to 99.1 points in January and the German government has dropped its economic growth forecast for 2019 to 1.0 percent from 1.8 percent due to slower global economic growth and uncertainty about Britain’s exit from the European Union.

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: