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Tuesday, September 01, 2026
What’s happening: Bitcoin traded higher this morning, after August’s roughly 24% rally, its best month of the year.
What happened: The world’s biggest cryptocurrency was supported by accumulation across public-listed companies.
Bitcoin continued to rise despite hawkish comments from Federal Reserve Chief Kevin Warsh and mounting tensions between the US and Iran.
Why it matters: Bitcoin recorded strong gains in August after US Treasury Department’s surprise decision to double its long-dated bond repurchases. This expansion of bond buybacks exerted pressure on long-term bond yields and drove the US dollar to multi-month lows, boosting demand for bitcoin.
Business intelligence and mobile software company Strategy used capital raised from common stock sales to buy 4,603 bitcoins for $370 million at an average price of $80,318.
The latest move came after a 10-week pause by the world’s largest corporate bitcoin holder, bringing its total balance to 845,050 BTC.
Asset management company Strive purchased an additional 1,800 bitcoins for roughly $143 million, at an average price of $79,431 per coin. The latest purchase raised the Nasdaq-listed company’s corporate reserves to 23,156 BTC.
Bitcoin rose despite renewed speculations of a September interest rate hike after Federal Reserve Chief Kevin Warsh’s comments at the Jackson Hole economic symposium on Friday, where he said that the central bank remains committed to its inflation target of 2%. A higher interest rate environment generally weighs on non-yielding assets like bitcoin.
Bitcoin jumped around 1% to $78,197.45 this morning, after gaining around 25% last month.
In other crypto trading, Ethereum rose 2.1% to $2,457.04, while Solana added 1.6% to reach $103.07.
What to watch: Investors will continue monitoring developments between the US and Iran.
US JOLTS job openings data for July will be released today (1800 UAE Time) as the next labour-market narrative feeding into Fed rate expectations. Job openings in the US, which declined by 178,000 to 7.359 million in June below market expectations of 7.40 million, are expected to fall further to 7.30 million in July.
Context: The AUD/USD forex pair gained this morning as investors digested the latest economic data.
Details: Data released this morning showed that the S&P Global manufacturing PMI came in unchanged from the preliminary reading of 52.0 in August. This marked the third straight month of expansion and was the strongest since January.
Australia’s dwelling approvals declined 3.6% to 17,687 units in July, after a 6.9% rise in the previous month. This was better than market estimates of a 4.8% decline. Private sector house approvals declined 4.2% to 10,199 units in July, following a 0.4% gain in June.
Australia’s current account deficit widened to A$27.2 billion in the second quarter from A$25.4 billion in the previous quarter. However, the latest reading was better than market estimates of a deficit of A$30 billion.
Although annual inflation eased to 3.5% in July from 3.8% in June, it remained above the Reserve Bank of Australia’s 2%-3% target range. The central bank projects inflation to gradually return to the target range by late next year.
Meanwhile, rising tensions between the US and Iran impacted overall market sentiment.
Strength in the US dollar weighed on the AUD/USD forex pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, rose around 0.1% to 99.48 this morning.
The AUD/USD forex pair added around 0.1% to 0.7170 this morning, while the S&P/ASX 200 declined more than 0.2% to 9,056.00.
What to watch: Data on Ai Group construction index (0300 UAE Time), Ai Group manufacturing index (0300 UAE Time) and GDP growth rate (0530 UAE Time) will be released on Wednesday.
The Ai Group Industry Index for construction sector, which declined to -40.6 in July, is expected to fall further to -42 in August. Analysts expect Australia’s Ai Group Industry Index for manufacturing to decline deeper into contraction zone to -21 in August from -19.6 in the previous month. The Australian economy, which grew by 2.5% year-over-year in the first quarter, is expected to expand by 1.8% in the second quarter.
Other Markets: European indices closed mostly lower on Monday, with the DAX 40, CAC 40 and STOXX Europe 600 Index down by 1.17%, 0.79% and 0.62%, respectively, and the FTSE 100 up by 0.29%.
Russia launched a drone attack on a warehouse storing weapons near Kyiv’s western suburbs. The news sent the USD/RUB pair lower in forex trading this morning.
Malaysia’s S&P Global manufacturing PMI fell to 50.2 in August from 50.7 in each of the prior two months, which lent support to the USD/MYR forex pair.
Thailand’s S&P Global manufacturing PMI declined to 53.8 in August from a seven-month high reading of 54.2 in July, which sent the USD/THB pair higher in forex trading this morning.
Japan’s S&P Global manufacturing PMI was revised lower to 54.9 in August from the preliminary reading of 55.1, which lent support to the USD/JPY forex pair.
China’s RatingDog manufacturing PMI rose to 51.5 in August from 50.9 in the previous month, also topping market estimates of 51. However, the USD/CNY pair gained in forex trading this morning.
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