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Quiet Start to a Potentially Noisy Week | German Trade Surplus Improves

Published December 9, 2019

• It’s a quiet start to the week, but it is likely the calm before the storm given the glut of macro events on the calendar this week. The Fed and ECB policy meetings highlight the week, but there is also US Retail Sales, US CPI, Canada Housing data, and German HICP on the economic calendar. Outside of the data, FX markets could get a further jolt from headlines surrounding Wednesday’s UK Election, the fast-approaching US-China tariff deadline, and the looming impeachment vote in US Congress.

• Germany’s October trade surplus improved in October after a second straight month of strong export numbers. While the news is positive, some euro analysts are questioning how long this can last given the weak factory and industrial numbers as of late. The euro is up slightly against the dollar and is the strongest among the majors heading into the American trading session.


• The search for the Bank of Canada’s next Governor is underway after the Bank announced current Governor Stephen Poloz will retire after his mandate ends in June 2020. Senior Deputy Governor Carolyn Wilkins seems to be the early front-runner, although there is likely to be other internal and external candidates considered. If Wilkins does become the successor to Poloz, she would become the first woman ever to lead Canada’s central bank.

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.