MYR: USDMYR Near 50-day EMA

The AUD went into the Unemployment print trading around 0.6590(-0.05%) and the SPI was trading around 8820.0(-0.60%). “AUSTRALIA AUG. CONSUMER PRICES RISE 3.0% Y/Y; EST. 2.9%, AUSTRALIA AUG. TRIMMED MEAN CPI RISES 2.6% Y/Y.” The AUD has bounced a little in reaction to this print.

• AUD/USD - 0.6605, +0.10%
• AUD/NZD - 1.1280, +0.15%
• EUR/AUD - 1.7865, -0.25%
• AUD/JPY - 97.60, +0.20%
• SPI(XPU5) - 8810, -0.80%
• OIS 2 bps firmer for 2026 meetings, YM 1-2 bps cheaper, XM 1-2 bps cheaper

• MNI: AUSTRALIA MONTHLY AUG CPI 0.1% MM, 3% YY

Bitcoin had a range overnight of 111 529k - 113 360k, Asia is trading around 112 375k, +0.32%. Bitcoin seems to be diverging from gold as the price has stalled towards the 120k area and taken a decent leg lower. Big support now sits between 100k-108k where demand should return for those waiting to “buy the dip”, the crypto treasury firm's chief amongst those. Only below 95k-100k would the Bulls' conviction start to be challenged.

• (Bloomberg) -- A more than $1.5 billion round of liquidations has again underscored the fragility of cryptocurrency markets, unfolding without a clear trigger and leaving option prices pointing to more volatility ahead.
• “Much of this year’s price buildup was fueled by crypto treasury firms — public companies that raised money to accumulate assets. Token purchases by the companies have slowed as falling share prices limited their ability to raise capital for fresh buying. The pullback has weakened demand and added to pressure behind the latest plunge in digital assets.”
• Raoul Pal on X: “Same thing happens all the time... the crypto market is focused on a big breakout, gets levered long ahead of it, it fails at the first attempt so everyone gets liquidated... only then does the actual breakout occur, leaving everyone sidelined.”

Fig 1: Bitcoin spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P