Bitcoin, Oil & Gold Under Pressure: Key U.S. Economic Data and Fed Rate Hike Bets This Week

📰 Key Events This Week:

• August Chicago PMI data - Monday
• August ISM Manufacturing PMI and Prices data - Tuesday
• July JOLTS Job Openings data - Tuesday
• August ADP Nonfarm Employment data - Wednesday
• August ISM Non-Manufacturing PMI and Prices data - Thursday
• July Jobs Report - Friday 🚨

1. WTI climbed to $85.50 after U.S. forces struck Iranian rocket launchers on Larak Island in the Strait of Hormuz. Iran retaliated with drone attacks on U.S. bases, pushing Brent back above $90 as supply fears intensified.
2. Gold fell to a one-and-a-half-week low near $4,436 as traders ramped up September rate-hike bets. Rising oil prices and elevated Treasury yields compounded pressure on the non-yielding bullion.
3. Fed Chair Kevin Warsh struck a notably hawkish tone at Jackson Hole, warning inflation is running hot. Markets now price a 57-60% chance of a September hike, up from 39% a week ago.
4. The dollar index hovered near 99.6 after jumping 0.6% Friday, buoyed by hawkish Fed expectations and safe-haven demand from Iran tensions. Analysts say a durable rebound hinges on stronger payrolls data due Friday.
5. Bitcoin traded up 0.60% at $78,158 as attention shifted to broader global ETF access driving the next adoption wave. Michael Saylor also hinted Strategy may have resumed Bitcoin purchases after a two-month pause.
6. Share markets fell across Asia as Gulf fighting lifted oil and rate-hike odds firmed. U.S. futures dipped, with the S&P 500 CFD off 0.16% ahead of a data-heavy week.