Insights 
VT 
The Consumer Price Index (CPI) in Belgium rose by 0.36% in October, showing an increase from the previous month’s rate of -0.3%. This change in the CPI represents an upward trend in consumer prices during the month.
Gold prices have been experiencing fluctuations, currently remaining below the $4,000 mark per troy ounce after recent declines. The easing of trade tensions between the US and China, especially following a meeting between Trump and Xi Jinping, has been a factor in stabilising gold prices.
Cryptocurrency Market
In the cryptocurrency market, Bitcoin, Ethereum, and XRP showed minor gains of nearly 1% after initial losses. This recovery was partly due to the reduced trade tensions between the US and China after the Trump-Xi meeting.
US-China trade discussions resulted in agreements that reduced certain tariffs and resumed some agricultural exports. Notably, China reduced tariffs on Fentanyl, while the US secured resumed soybean exports.
Bittensor (TAO) is on an uptrend, with a recorded rise towards $450 as plans for a new Exchange Traded Product on SIX Swiss Exchange are underway. This financial product aims to cater to traders looking for staked investment options in TAO.
The sudden reversal in Belgian inflation, jumping to 0.36% month-over-month, is a significant signal of renewed price pressures in the Eurozone. We see this as a direct challenge to the European Central Bank, which is widely expected to keep interest rates unchanged for a third straight meeting. This growing gap between rising inflation and a passive central bank could create volatility in Euro-denominated assets.
US Dollar and Trade Tensions
This contrasts sharply with the situation in the United States, where the Dollar Index (DXY) is holding firm above 99.00. The Fed’s message of slower policy easing, supported by the most recent US jobs report from September 2025 that showed a healthy 210,000 positions added, strengthens the Greenback. This policy divergence makes shorting the EUR/USD pair through futures or buying put options an increasingly popular strategy.
We see Gold’s inability to stay above the $4,000 level as a direct result of this strong dollar and rising real yields. The market is still digesting the de-escalation of trade tensions that occurred after the Trump-Xi meeting years ago, a historical event whose effects are still being felt through reduced demand for safe havens. For now, selling call options on gold above $4,000 seems like a prudent way to collect premium while the metal consolidates.
In the crypto markets, the broader sentiment is cautious, but specific assets are showing immense strength. The continued rally in Bittensor (TAO) towards $450 is a clear event-driven trade ahead of the planned launch of a staked TAO ETP in November. We anticipate implied volatility will remain high, making strategies like call spreads attractive for capturing further upside while managing risk.
