Dollar falls as Alphabet results renew AI spending concerns

The dollar fell 0.2% to 101.776 on the DXY as Alphabet's results raised fresh concerns about the payoff from AI infrastructure spending, with Google's search revenue growth slowing due to less lucrative AI searches. Treasury yields are expected to stay rangebound near 5% in the near term, with money markets pricing about 55 basis points of Fed rate hikes over 12 months. The ECB held rates at 2.50% with a more dovish tone than expected, and strategists see a possible December hike to 2.75% if energy-driven price pressures persist. Crypto markets held up after a major hack of Binance-linked wallets, with Bitcoin and Ethereum paring earlier losses. The RBA is expected to hike on Tuesday, and the Philippine central bank sees October inflation between 7.1% and 8.1%.