QCP Market Colour, 7 September 2026

August's employment report delivered a significant upside surprise at 162,000 jobs added versus expectations of 55,000—a sharp rebound from July's revised gain of 21,000. The stronger print eased concerns around labour-market weakness and shifted attention firmly back toward inflation ahead of September's FOMC meeting.

Crypto remained well supported through the week. Bitcoin traded above $82,000 early before pulling back to $79,300, while Ethereum remained around $2,500. Spot Bitcoin ETFs recorded $770 million in net inflows across September 1-4, though the pattern of Monday's outflow followed by Wednesday's sizeable inflow suggests institutional positioning ahead of key data rather than sustained new-capital conviction.

Technical resistance persists: Bitcoin faces headwinds at $80,000-$82,000, while Ethereum encounters selling above $2,500. This reflects caution until the inflation picture clarifies.

This week's focus is unambiguous. Friday's August CPI print is the key test for September policy expectations. A benign print would give the Fed more room to wait; another firm reading would strengthen the case for adjustment. With near-term volatility subdued at 37-38 percent despite approaching catalysts, CPI could provide the catalyst for a directional break.

Read the full QCP Market Colour here.