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Canadian Manufacturing Data Due | UK Retail Sales Hold Firm

Published October 17, 2019

  • The Canadian dollar has strengthened against the greenback this morning and is trading higher at 1.3162 levels. The Canadian manufacturing sales report for September is expected to show a growth of 0.7 percent when the data is released later today.
  • Official figures have shown steady growth in UK retail sales in the third quarter of the year, as shoppers remained cautious in the run-up to the October Brexit deadline. Overall, the UK retail sales came in at 0.0 percent in September compared to the decline of -0.3 percent in August.
  • The greenback is expected to make minor advancements against the counterparts today, as the US Philadelphia Federal Manufacturing Index data is released this morning. The consensus figure for the manufacturing data is 7.3 against last month’s reading of 12.0.
  • UK parliament is expected to hold a special weekend session on Saturday in hopes of getting a Brexit deal approved, if negotiators agree on a text before the Thursday summit. Prime Minister Boris Johnson needs to get the deal approved through both houses of parliament by the October 31 deadline.

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.