#非农就业数据将公布#

Non-farm payrolls data will test the resilience of the U.S. economy and affect global asset linkage This month's non-farm payrolls data is not only an important reference point for the Fed's policy path, but also a "directional" for global asset prices. Dimensions such as employment numbers, unemployment rates, and wage growth will collectively form the basis for the market to judge whether there is a "soft landing" or a "stagflation risk". If the number of jobs is higher than expected but wages grow modestly, it will create a "Goldilocks" situation, which is good for the stock market and the crypto market; If both employment and wages are high, inflation will rise and concerns about interest rate hikes will return. On the other hand, if employment cools suddenly, the shadow of recession will increase, and short-term safe-haven assets (such as U.S. bonds and gold) may rebound strongly. For investors, this data is essentially a calibration of "macro expectations", which is both a risk and an opportunity. Paying attention to the linkage between U.S. Treasury yields and the U.S. dollar index is a key clue to determine the next direction of the crypto market.