#非农就业数据来袭 Investment Science Popularization:
The relationship between Non-Farm Payrolls, the US Dollar, US Treasury Yields, and Digital Currency:
**Non-Farm Data is the Core Driving Factor**
The Non-Farm Employment Report reflects the number of new jobs, unemployment rate, and wage growth in the US non-agricultural sector, and is a key indicator of economic health:
- Strong Data (Job growth exceeds expectations, wages rise):
→ **Economic Overheating Signal**: May raise inflation expectations and strengthen market bets on Federal Reserve interest rate hikes.
→ **US Treasury Yields Rise**: Rate hike expectations lead to bond sell-offs (price decreases → yields increase);
→ **US Dollar Strengthens**: Interest rate advantage attracts international capital into US dollar assets, coupled with safe-haven demand (if economic overheating raises concerns about policy tightening).
→ **Digital Currency**: A stronger US dollar negatively impacts risk assets such as digital currencies and US stocks.
- Weak Data (Job growth below expectations, wages decline):
→ **Economic Slowdown Signal**: May raise rate cut expectations and strengthen market bets on Federal Reserve rate cuts.
→ **US Treasury Yields Decline**: Rate cut expectations lead to bond purchases (price increases → yields decrease);
→ **US Dollar Weakens**: Lower interest rates attract international capital into other high-yield currencies and assets, but a weak global economy may weaken the dollar as a safe haven, offsetting some impact;
→ **Digital Currency**: A weaker US dollar favors risk assets such as digital currencies and US stocks.
In simple terms, it means—if the data is below expectations, the currency rises; if it is above expectations, the currency falls.