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Sterling Volatility Spikes on Impending Brexit Vote | China to Introduce Sweeping Tax Cuts

Published January 15, 2019
  • Chinese authorities in Beijing promised more measures to help the slowing economy, as the government looks towards tax cuts on a broad scale and a more supportive monetary policy shift. Equities in the region reacted positively to the announcement, rebounding from losses on Monday that was driven by disappointing trade data.
  • Sterling volatility has touched session highs as Prime Minister May faces defeat in today’s parliamentary vote on her deal to exit the European Union. If the vote loses by a margin larger than 100 votes, May could face a leadership challenge or a new general election. The vote begins at 2:00 pm Eastern Time.
  • US PPI data will be released this morning with core wholesale inflation rate expected to rise to 3%. If markets are strongly considering the Federal Reserve’s communication that data dependence is a focus moving forward, then such numbers will be cause for pause with the recent dovish shift.
  • The ECB president Draghi is making his first appearance of 2019 at the European Parliament. Draghi is in parliament today to discuss broader euro area growth outlook and weakness of the region’s largest economy. This comes as the ECB contemplates whether it has the capacity to initiate raises to interest rates.

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: