Market Digest — November 12, 2026

Today's markets are shaped by bullish sentiment. Here's what you need to know.

💱 Forex

Sentiment: **Bullish (USD) / Cautious (risk assets)**

1. **Hot US CPI Pushes DXY Above 102.20, Hits 19-Month High** Inflation came in hotter than expected, lifting the dollar index to its highest level in 19 months and killing rate-cut bets. Higher-for-longer US rates support USD strength across the board (EUR/USD, GBP/USD pressured) and weigh on equities and gold.

2. **Howard Marks: US Interest Costs Now Exceed Defense Spending at $1 Trillion/Year** Oaktree's Marks warns America's "golden credit card" is running up unsustainable debt, with servicing costs surpassing the defense budget. Long-term bearish for US Treasuries and the dollar's reserve status, though no immediate market impact.

3. **Banco Santander Joins Global Bank Consortium for Project Faro Dollar Stablecoin** Santander enters a major bank-led initiative to build a regulated USD stablecoin. Signals accelerating institutional adoption of tokenized dollars — bullish for crypto infrastructure and blockchain payment firms.

4. **USD/CAD Strengthens on Bank of Canada Rate Hike Expectations** The loonie weakens as markets price in potential BoC tightening, while the greenback's CPI-driven rally compounds the move. CAD weakness favors exporters but raises input-cost risk for cross-border trade.

🪙 Crypto

1. **Nvidia Directors Reportedly Consider Ousting CEO Jensen Huang (WSJ)** Board reportedly exploring leadership changes at the world's most valuable company — a shock headline that raises governance risk for NVDA and the entire AI trade. Negative for AI-linked equities and may spill over to AI/crypto proxy tokens and miner stocks reliant on GPU demand.

2. **Bitcoin Climbs Back Above $74,000 as Wall Street's Crypto Outlook Shifts** BTC reclaimed $74K, a key psychological/technical level, as institutional sentiment improves. Bullish for the broader crypto complex — higher BTC typically lifts altcoins and mining stocks in sympathy.

3. **MSCI Removes Strategy (MSTR) From Equity Benchmark** Index exclusion forces passive funds to sell MSTR, pressuring the largest corporate BTC holder. Short-term bearish for MSTR and a sentiment hit for the "BTC treasury" playbook, though it does not change underlying bitcoin fundamentals.

4. **MARA Holdings Q3 2026: $632M Net Income** Strong profitability from the major miner signals healthy margins despite post-halving pressures. Positive read-through for the mining sector (HIVE, RIOT, CLSK) and confirms crypto infrastructure demand remains robust.

5. **Robinhood CFO Shiv Verma Sells $1.27M in HOOD Stock** Insider sale by the CFO is a mild negative signal on near-term confidence in HOOD. Limited size (~$1.3M), but watch for further insider selling as a trend indicator for fintech/crypto brokerage sentiment.