The US authorities are unlikely to approve an economic aid package before the election - 15.10.2020

The US dollar index dropped on Wednesday. This was probably due to the increase in the number of covid-19 cases in the world. The greenback strengthened today as US Treasury Secretary Steve Mnuchin said there was too little time left before the November 3 presidential elections. The US authorities will not have time to pass a law on the allocation of financial aid. The Australian dollar quotes fell significantly today as a result the statement of the head of the Reserve Bank of Australia (RBA) Philip Lowe about the possibility of cutting the rate to 0.1% from 0.25% and increasing the emission to buy back Australian government and corporate bonds. Today, the US will publish data on unemployment for the week. The head of the European Central Bank (ECB) Christine Lagarde will also make a speech at the IMF annual meeting.

World oil prices rose on Wednesday on the announcement by American Petroleum Institute of a 5.42 million barrels cut in US reserves over the week. At the same time, the weekly decrease in heating oil was the highest since March this year and amounted to 3.93 million barrels. Today oil quotes dropped and almost won back all yesterday's growth. The US Energy Information Administration will release official stock data for the week with a 1-day delay due to the holiday, i.e. tomorrow. Now investors fear that the 2nd wave of coronavirus could still hurt global oil demand, since OPEC+ is unlikely to be able to react quickly.