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Stock  indices dropped and the greenback strengthened after US Treasury Secretary Steve Mnuchin said there was too little time left before the November 3 presidential election.The US authorities will not have time to pass a law on the allocation of funds to support the economy.

Forex news

Currency Pair Change
EUR USD -0.31%
GBP USD -0.32%
USD JPY +0.14%


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.

Stock Market news

Indices Change
S&P 500 -0.66%
Dow Jones Index -0.58%
Nasdaq 100 -0.8%
Nikkei Index -0.51%
GB 100 Index -2.21%


On Wednesday, US stocks dropped for the second day in a row. The main negative reason was the statement of the US Treasury Secretary Steve Mnuchin about the impossibility of approving the bailout in Congress before the presidential elections on November 3. Strong corporate reports from Goldman Sachs (+ 0.2%) and UnitedHealth (-2%) did not help their stocks rally. Bank of America and Wells Fargo's quarterly figures were in line with forecasts, but their quotes still fell 4-5%. Today, the futures for US stock indices continue to drop. Quotes of other world indicesare also falling. The exception is the Australian S&P/ASX 200, which rose 0.5% thanks to the RBA's plans to cut rates and stimulate the Australian economy.

Commodity Market news

Commodities Change
Brent Crude Oil -2.33%
WTI Crude -2.36%


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.

Gold Market News

Metals Change
Gold -0.37%


Precious metals prices are declining today amid the strengthening US dollar. The greenback gets stronger as negotiations on the provision of financial assistance to the US economy were postponed. According to the Metals Focus forecast, world gold production in 2020 will be 4.6% less than in 2019 and will amount to 3368 tons. This is the minimum of the last 5 years. Production cuts support quotes.

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This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.

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