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# Nasdaq Rout Sinks AUD/CHF, AUD/JPY as Franc and Yen Take Safe Haven Role
- URL: https://www.natglobalmarkets.com/nasdaq-rout-sinks-aud-chf-aud-jpy-as-franc-and-yen-take-safe-haven-role/
- Published: 2026-11-05T17:03:41.000Z
- Updated: 2026-11-05T17:03:41.000Z
- Author: Research Team
- Tags: Stocks

The rout in US technology stocks reverberated sharply across the currency market on Thursday, November 5\. The Nasdaq fell as much as 6% intraday and is now roughly 15% below its high for the year. A gauge of the largest chipmakers has slumped more than 36% from its June record. The selloff spread to the broader S&P 500, which was down as much as 3.8% at one point.

The Democrats’ victory in the midterm elections, in which they seized control of both the Senate and the House of Representatives, stoked concerns that tighter regulation will slow the construction of data centers that underpins the artificial-intelligence boom. At the same time, the industry’s earnings disappointed. Qualcomm’s smartphone chip sales fell 26%, and its profit outlook came in below expectations as component costs rose. Arm also failed to give the market the guidance it was looking for. A week earlier, Intel set the tone: the company expects the PC downturn to last at least through the first half of 2027\. The common thread is the memory shortage: demand for AI chips remains strong, but rising memory prices are eroding margins and undermining sales of consumer electronics.  

![](https://storage.ghost.io/c/b8/f9/b8f92713-dec7-40a2-b5fd-efc6ce9d8bf5/content/images/2026/11/EURUSD.sM1.png)

SFA Index Dashboard

According to the SFA Index Dashboard, an indicator that tracks the strength of individual currencies against a basket of the others, the Swiss franc and Japanese yen indexes rose about 0.5% at the height of the selloff, while the Australian dollar index fell 0.7%. The remaining currencies — the US dollar, euro, pound, Canadian and New Zealand dollars — stayed within their prior ranges. Capital moved into the two traditional safe-haven currencies and out of the main risk proxy, while the rest of the currency market was largely untouched by the stress. The simultaneous rise in the franc and yen and the drop in the Aussie drove a steep decline in AUD/CHF and AUD/JPY.

The currency reaction is telling for what was missing from it. The US dollar, which typically rallies during periods of global stress, did not act as a haven this time. That role was taken by the franc and the yen, pointing to an unwinding of carry trades rather than a flight into US assets. The Australian dollar’s decline, even as oil and gold prices climbed, suggests the currency was sold on broad sentiment rather than on a deterioration in commodity fundamentals. Such divergences typically narrow once stress subsides. The next test will be Friday’s US jobs report, which will determine whether the Fed firms up its intention to raise rates in December. Rising expectations of a rate hike could weigh further on US equities. Conversely, weak labor-market data would help stocks recover from the selloff.  
  
  
*Data & Analytics: The analysis in this article was conducted using the* [***SFA Indicator Suite***](https://www.natglobalmarkets.com/sfa-indicators/)*, including the *SFA Z-Score* model for cross-currency divergence tracking.*  
  
  
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