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

EditorVenkatesh Jartarkar
Published 11/09/2023, 08:26 AM
© Reuters.

Today, as the North American trading session commenced, the New Zealand Dollar (NZD) demonstrated strength while the British Pound (GBP) lagged. The U.S. Dollar (USD) exhibited mixed performance against various currencies, with USDJPY rebounding due to the impact of the Federal Open Market Committee (FOMC) decision.

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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