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US Retail Sales Shine | Loonie Fizzles

Published June 14, 2019
  • The loonie has come under pressure with USDCAD reaching a high of 1.3375 this morning. Recent Canadian dollar weakness was largely driven on the back of positive dollar movement amid strong US economic numbers.
  • US retail sales rose a solid 0.5 percent in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears that the economy was slowing sharply in the second quarter. US industrial production also rebounded following April’s dismal reading of -0.4 percent and expanded by 0.4 percent in May.
  • Boris Johnson, one of the candidates to succeed British Prime Minister Theresa May, said that he is against a no-deal Brexit and doesn’t want it as the outcome.
  • Secretary of State Mike Pompeo blamed Iran for the attacks on two oil tankers in the Gulf of Oman on Thursday, an allegation that is likely to escalate tensions between the US and Tehran. Yesterday, WTI crude rallied almost 4 percent after the incident and was trading higher by 2.5 percent, at $52.36 a barrel on 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.