Crypto rout deepens in Asia, BTC under $69K; dollar steady at highs into US PPI

London Open, Friday, 13 November 2026. Published 07:00 UTC.

Risk-off: JPY leads the strength table at 0.25 and AUD trails at -0.49, with indices down 0.26% on average over 24h. Gold's 2.02% 24h drop and CHF at -0.13 show the defensive tilt is driven by rates rather than a broad haven bid.

In short

• Crypto did the damage overnight. BTCUSD is down 3.41% since the Asia Open at 68867.01 and ETHUSD is down 4.14% at 1931.3, after more than $1.4B of liquidations and ETF outflows. NAS100 slipped 0.73% as Nvidia leadership turmoil weighed.
• FX was quieter. USDJPY tagged 160.188 but sits at 159.817 under Tokyo's warnings. EURUSD is trading a range 0.21 times normal at 1.10593. AUD is weakest at -0.49, with AUDUSD at 0.67874, back below 0.6800.
• Europe brings ECB's Schnabel at 07:10 UTC, CPI (EU norm) at 07:45 UTC and HICP at 08:00 UTC (f/c 4.9%), then Q3 GDP at 10:00 UTC. US core PPI at 13:30 UTC (f/c 5% YoY) is the day's main event, with Fed's Bowman at 15:50 UTC.

Themes

Crypto liquidation spills into tech futures

BTCUSD is trading a range 2.04 times normal and ETHUSD 1.65 times normal. Liquidations, ETF redemptions, MSCI's removal of Strategy and Metaplanet, and Nakamoto's debt to Kraken all hit at once. The selling coincided with Nvidia leadership turmoil, and NAS100 is down 0.73% since the Asia Open, the weakest of the major index futures.

Dollar holds 19-month highs; yen pinned at 160.00

DXY is consolidating above 103.00 with a December Fed hike fully priced, so the swing factor is 50bp talk around today's PPI. USD's strength score has eased to 0.22 from 0.32 at the Asia Open, and EURUSD and GBPUSD drifted in narrow ranges near four-day lows. USDJPY poked above 160.00 again but failed to hold, as Takaichi said Tokyo is in close contact with US authorities on FX.

Eurozone data morning before the US takes over

CPI (EU norm), HICP and Q3 GDP land before US PPI, but a 25bp December ECB hike is fully consensus, so firm data adds little to the euro. A growth miss would matter more, feeding the view that the ECB is done after December. EURUSD at 1.10593 is sitting just above its 1.1045 low, with 1.1000 the line markets are focused on.

What moved

• BTC/USD −3.41% Bitcoin broke below $69K to its lowest since August as liquidations topped $1.4B and ETF outflows passed $1.5B for the year, with Nvidia turmoil adding to Fed-driven jitters; the platform flagged a 1.97% one-hour drop at 03:26 UTC.
• ETH/USD −4.14% Ether slid toward $1,900 in the same crypto sell-off, and the platform flagged a 2.28% one-hour drop at 03:26 UTC.
• NAS100 −0.73% Nvidia leadership turmoil after Jensen Huang's exit rattled risk appetite and left Asian stocks mixed.
• AUD/USD −0.27% Fed-RBA divergence keeps the Aussie at 10-month lows: a December Fed hike is about 87% priced against a signalled RBA pause.
• XAU/USD +0.36% Gold snapped a three-day losing streak off the $3,852 YTD low as the dollar paused, though rate-hike bets limit the bounce and it sits at 3891.32, just under $3,900.

Levels to watch

• EUR/USD 1.10454 H4 support at the fresh low in a sequence of lower highs (1.1273, then 1.1251). Today's low of 1.10474 held just above it.
• GBP/USD 1.3221 H4 lower low after a four-day slide, revisited in Asia with a 1.32207 day low. H4 RSI is oversold at 27.1.
• USD/JPY 160.00 D1 resistance and Tokyo's intervention line. Price traded up to 160.188 today but has not held above it.
• AUD/USD 0.67975 D1 support beneath a confirmed head-and-shoulders. Price at 0.67874 is now trading just below it.

Ahead

• 07:10 UTC EUR ECB's Schnabel speech A 25bp ECB hike to 2.75% in December is fully consensus, so any steer on the path beyond December is what EURUSD is exposed to.
• 07:45 UTC EUR Consumer Price Index (EU norm) (YoY) Expected steady at 3.8%. Firm inflation adds little to an already-priced December ECB hike, so EURUSD reaction may be limited unless it misses.
• 08:00 UTC EUR Harmonized Index of Consumer Prices (YoY) Forecast 4.9%, unchanged from previous. It is the second inflation check of the morning for EURUSD and EURGBP.
• 10:00 UTC EUR Gross Domestic Product s.a. (QoQ) Q3 growth is expected at 0.4% q/q, matching the prior. A miss would feed the 'ECB done after December' view and weigh on EURUSD.
• 10:00 UTC EUR Gross Domestic Product s.a. (YoY) Forecast 1.3% y/y, unchanged. It lands alongside the q/q print and employment for a combined read on Eurozone growth.
• 10:00 UTC EUR Employment Change (QoQ) Expected to pick up to 0.2% from 0.1%, part of the 10:00 UTC Eurozone growth snapshot.
• 13:30 UTC USD Producer Price Index ex Food & Energy (YoY) Core PPI is forecast at 5% y/y, unchanged. With 25bp in December fully priced, a hot print feeds 50bp bets, while a soft one could trigger a positioning-led dollar pullback across EURUSD, GBPUSD, AUDUSD, gold and crypto.
• 13:30 UTC USD Producer Price Index ex Food & Energy (MoM) Core is expected to slow to 0.3% m/m from 0.7%. The monthly pace is the cleaner test of whether price pressure is cooling.
• 13:30 UTC USD Producer Price Index (MoM) Headline is forecast at 0.4% m/m after 1.3%, so the market expects a sharp deceleration.
• 13:30 UTC USD Producer Price Index (YoY) Headline is forecast to rise to 6.6% from 6.3%, keeping the inflation backdrop behind Fed hike pricing in view for USD, yields and gold.
• 15:50 UTC USD Fed's Bowman speech The first Fed reaction after PPI. Any endorsement of or pushback on a 50bp December hike moves the dollar and USDJPY near 160.00.

Until the next briefing, the focus is whether USDJPY keeps failing at 160.00 and EURUSD stays above 1.1000 into the 13:30 UTC US PPI, the print that decides whether 50bp Fed hike talk grows.