NZD strengthens, GBP lags as U.S. crude oil stocks surge and Bitcoin reaches May high

NZD strengthens, GBP lags as U.S. crude oil stocks surge and Bitcoin reaches May high

China’s economic situation continues to be 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 surge in U.S. crude oil stocks influenced oil prices, leading to crude oil trading up at $75.98. Precious metals saw a drop with gold and silver prices falling to $1945.52 and $22.51 respectively. Meanwhile, Bitcoin reached a high since May 4th, trading at $36,890.

In equity markets, U.S. stock market indices NASDAQ and S&P extended their winning streaks. European equity markets registered marginal gains while Asia Pacific indices were mostly lower.

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

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