The U.S. retail sales y/y in July were released last Friday, falling sharply by 0.6% month-on-month, far below the market’s expected increase of 0.1%, signaling a clear slowdown on the consumer side. After the data was released, traders sharply pared back their bets on multiple Fed rate cuts before mid-2027, and the U.S. dollar index subsequently pulled back, giving the $EURUSD pair short-term support. This week, market focus will shift to the Fed’s July FOMC meeting minutes to be released on Wednesday, as well as the Jackson Hole Global Central Bank Conference. Uncertainty over the central bank’s next policy path has risen again, and risk assets face some near-term pressure. $BTC $ETH is closely tied to macro liquidity expectations in the near term, so it’s important to closely monitor this week’s central bank developments. For information purposes only and does not constitute investment advice.