Bitcoin price is lingering at $58,700 as altcoins turn red again. Today, the US released employment and retail sales data. Following recent inflation and employment data, the September rate cut expectation is confirmed, so what is the current situation?
Latest US Data
Today, Core Retail Sales and Unemployment Claims data were released. Core Retail Sales exclude automobile sales and track consumer spending. It provides markets with information about the current state of the economy. Unemployment Claims data is crucial, especially when high unemployment rates are a concern. An abnormally high number could fuel recession fears, making it even more significant at this time.
- US Retail Sales Announced: 1% (Expectation: 0.4%, Previous: 0%)
- US Unemployment Claims Announced: 227K (Expectation: 235K, Previous: 233K)
Recent data balancing recession fears could encourage the Fed to consider a 25bp rate cut. While this is not clearly positive for cryptocurrencies, the reduced likelihood of a downturn in a recession environment is not entirely negative either. Upcoming data next month could cause the Fed’s rate decision to fluctuate between 25 and 50bp.
