According to data from Jinshi, Mitsubishi UFJ analyst Derek Halpenny stated that if the U.S. employment data in July is strong, the dollar may strengthen further, but the upside is limited. In July, the dollar rose 3.19% against a basket of currencies, marking the largest monthly increase since April 2022. Halpenny pointed out that the strong performance of the dollar indicates that the positive news has been digested by the market, limiting further strengthening of the dollar. However, if the non-farm payroll increase exceeds expectations, it could eliminate the possibility of an interest rate cut in September.