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US Retail Sales Beats Estimates | Canada Posts Strong Job Growth Data

Published August 15, 2019
  • US retail sales rose by the most in four months and exceeded projections in July on a surge in online purchases, signaling that consumer spending continues to prop up the expansion. The value of overall sales climbed 0.7% after a (downward revised) 0.3% increase in the prior month.
  • The ADP Canada National Employment Report, which measures actual ADP payroll data, was released this morning. The report signaled strong job growth in July, with job gains broadly distributed across the majority of industries including trade, leisure and hospitality. The June total of jobs added was revised down from 30,400 to -9,600.
  • Data for the number of filing applications for unemployment benefits increased more than expected last week in the United States, but the trend continued to point to a strong labour market. Initial claims for state unemployment benefits increased by 9,000 to a seasonally adjusted 220,000 for the week ending August 10.
  • The New York Federal Reserve released results from the Empire State Manufacturing Survey this morning, with the report showing business activity increasing modestly in New York State. The headlining General Business Conditions Index was little changed at 4.8, with new orders increasing after declining for the prior two months. Shipments have continued to expand.

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: