AI Spending Shock and Binance Hack Pressure Nasdaq, Nikkei and Bitcoin — Bigger Correction Ahead?
Two unrelated shocks converged on speculative assets: disappointing AI capex returns sent Alphabet down 12.64% and dragged Nasdaq, Nikkei and Asian semiconductors lower, while a ~$6.3B Binance security breach pushed Bitcoin toward $77,000. A falling Treasury yield hints at mild spillover, but broader equity performance stops short of confirming a generalized risk-off move—Nasdaq's 25,802.96, Nikkei's 61,462.61 and Bitcoin's $75,000–$76,000 zone are the levels that will decide if it deepens.
Euro Breaks Lower on ECB Caution and Lagarde Exit, as US Data and AI Sell-Off Fail to Move Rates
Euro fell against most major currencies on Thursday as the ECB’s cautious hold at 2.50% and President Christine Lagarde’s announcement of an early departure coincided with declining Eurozone bond yields. EUR/GBP broke below last week’s low, although EUR/USD and EUR/CHF have yet to confirm a broader breakdown.
EUR/CAD Slides to 15-Month Low as BoC Reinforces Loonie Rally — Is 1.5000 Coming Into View?
EUR/CAD broke to a 15-month low after the BoC hiked to 2.50% and sharply revised its inflation forecast higher, reinforcing a Canadian Dollar rally that was already underway. With OIS pricing ~52% odds of a December follow-up hike and the cross testing 1.5414 support, a break opens the door toward the psychological 1.5000 level.
Gold Barely Reacts to Fed Hold — Is a Break Below $3,975 Coming?
Gold traded around $4,040 Thursday, showing little lasting reaction to the Fed's expected hold at 3.75–4.00%—even after Governor Lisa Cook's surprise dissent for an immediate hike. With December tightening already 88% priced, today's US Q3 GDP and PCE inflation data are the next real catalyst for whether $3,975.49 support holds or gives way toward $3,942.71 and below.
