Important economic data due out in the US today - 16.10.2020

On Thursday, the US dollar index rose and hit a new 2-week high. This was facilitated by a moderate increase in the number of unemployed over the week and the growth of the Philadelphia Fed Manufacturing  economic indicator. In addition, US retail sales and industrial production data for September and Michigan Consumer Sentiment for October will be published today. The preliminary forecasts are positive, and it may also support the US currency.

On Thursday, American stock indices continued their downturn. This was facilitated by an increase in the number of patients with coronavirus around the world, as well as the postponement of the talks on the financial aid to the US economy. United Airlines Holdings fell 5% on weak quarterly reporting. Vertex Pharmaceuticals plunged 20% after reporting the suspension of testing a new drug for protein deficiency. Now futures on US stock indices are traded with minimal change. Investors await important economic data on retail sales, as well as quarterly reports from Honeywell and the Bank of New York Mellon.

Today, world oil prices are down for the second day in a row. According to the US Energy Information Administration (EIA), US oil stocks fell by 3.818 million barrels. This is less than the data provided by the independent American Petroleum Institute (- 5.42 million barrels). The main negative factor for oil quotes was the plans of OPEC+ to increase production in January 2021 by 2 million barrels per day. The participating countries need to increase their income and are not yet paying attention to the risks of the 2nd wave of coronavirus. The oil ministers of the OPEC + countries will meet on October 18, and ivestors may get more information regarding the cartel's plans.