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UK Retail Sales Disappoint | Inflation Remains Muted

Published November 14, 2019

  • Germany’s economy barely avoided a recession after Q3 growth came in at 0.1%, while the Eurozone total growth continues to be battered by its struggling manufacturing industry.  Eurozone Q3 growth came in at just 0.2%, and there are few signs of things turning around in Q4.
  • Inflation continues to remain muted in the United States as the latest producer prices reading showed a 1.1% rise year over year which is the lowest reading since October 2016.  The PPI rose 0.4% month over month in October, which beat market expectations and reversed the 0.3% decline in September.
  • UK retail sales came disappointing once again after posting a 0.1% decline in October, its second decline in 3 months.  This is just the latest in a parade of troubling economic data coming out of the UK, and the pressure may start to mount on the Bank of England if the trend continues.
  • Price action on major currencies is relatively muted as we ring in the opening bell in New York. The major movers are the Australian Dollar and the New Zealand Dollar after weaker data out of China and Australia dragged both currencies deep into the red for the day.

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.