Insights 
VT 
The New Zealand GDT price index has experienced an increase, rising from a previous figure of -1.6% to 21.9%.
The data reflects changing market dynamics, impacting various sectors within the global economy.
Currency And Commodities Update
In currency news, the EUR/USD has dropped towards 1.16, influenced by the strengthening US dollar amidst easing tensions between the US and China.
Similarly, the GBP/USD has weakened, hovering around 1.3360, as upcoming UK inflation data may affect the Bank of England’s decisions.
Meanwhile, gold prices have seen a significant decline, falling over 5% to reach multi-day lows in the sub-$4,100 region per troy ounce due to various market influences.
The Ethereum market also shows volatility, with ETH retesting $4,100 driven by treasury firms SharpLink and BitMine.
Bitcoin And The Global Economic Outlook
In addition, Bitcoin treasuries have revealed a dramatic 99% drop in inflows, affecting the corporate asset ownership landscape over the past five years.
Overall, the global economy showcases a mix of relief and anxiety, with market participants closely watching for signs of further economic shifts.
Looking back at late 2021, we see a familiar story of dollar strength, with EUR/USD testing 1.16. Now, in October 2025, the narrative has flipped as the Federal Reserve’s multi-year tightening cycle has paused, with recent statements hinting at future easing. This suggests positioning for dollar weakness in the coming weeks, perhaps through call options on major currency pairs against the dollar.
That sharp 21.9% jump in the Global Dairy Trade index was a major inflation signal back then. Four years later, while dairy prices remain elevated from pre-2022 levels, supply chain issues have eased, leading to more stable futures markets. With agricultural volatility indices now near two-year lows, selling strangles or covered calls on milk futures could capture premium in what we see as a sideways market.
We recall the sharp 5% drop in gold in late 2021 as the dollar strengthened. Today, with gold trading around $2,350 an ounce, the dynamic has shifted towards geopolitical risks and sustained central bank buying, which has put a floor under the price. Given our expectation of a softer dollar, buying call spreads on gold futures for the December expiry seems prudent to position for a potential year-end rally.
The record highs on the Dow Jones in 2021 were fueled by post-pandemic recovery earnings. Now in late 2025, the market is navigating a slower growth environment, and the latest non-farm payrolls data showed a cooling labor market. This warrants a more defensive stance, making protective put options on major indices like the S&P 500 a sensible hedge against a potential downturn in the next quarter.
The environment in late 2021, with Ethereum near its peak while corporate interest wavered, highlighted the market’s speculative nature. Fast forward to today, the landscape has matured with the introduction of spot ETFs and regulated futures, which have dampened volatility significantly. With implied volatility on CME Bitcoin options recently hitting the lowest levels since 2023, selling cash-secured puts below the current market price offers a way to collect premium while defining a clear entry point.
