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NZD Rallies, GBP Lagging as US Crude Inventories Jump and Bit hits May High

Elena by Elena
10/11/2023
in GBP, News
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The New Zealand Dollar (NZD) showed strength at the start of today’s North American trading session, while the British Pound (GBP) lagged. The U.S Dollar (USD) was mixed against its currency counterparts, with the USDJPY rallying on the back of the Federal Open Market Committee’s (FOMC) decision.

China’s economic situation remains challenging, with deflation persisting due to falling consumer price index (CPI) and producer price index (PPI) inflation in October. This comes amid weak retail spending and a deteriorating manufacturing sector in the country.

In commodities, a rise in U.S. crude oil inventories weighed on oil prices, with crude trading at $75.98. Precious metals saw a decline with gold and silver prices falling to $1945.52 and $22.51 respectively. Meanwhile, bitcoin reached its highest level since May 4th, trading at $36,890.

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In the equity markets, the NASDAQ and S&P extended their winning streaks. European equity markets posted marginal gains, while Asia-Pacific indices were mostly lower.

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In the bond market, U.S. yields rose in anticipation of a 30-year Treasury auction scheduled for 1 p.m. ET today. This was accompanied by higher 10-year benchmark yields in the European debt market.

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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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