The retail data released tonight raises doubts, seemingly designed to avoid triggering concerns about stagflation while not affecting the potential rate cut in September. The coincidence of this data has raised questions in the market.

After the data was released, the market reacted mildly. Both safe-haven and risk assets showed relatively limited volatility. This indicates that the data had little impact on the market.

Next, the market focus will shift to the opening of the U.S. stock market. In the absence of other macro data guidance, the performance of the U.S. stock market will become the main factor influencing risk market sentiment.

It is worth noting that while this data reflects the stability of the U.S. economic structure and may have a certain positive impact on the U.S. stock market, its influence on Bitcoin is not obvious. In addition, the possibility of an interest rate cut in September has also slightly decreased.

The market will closely watch whether the US stock market can drive the Bitcoin trend tonight. However, since today is Friday, US stock investors may adopt a relatively cautious attitude. Overall, the market is still digesting this data and remains in a wait-and-see state.