Non-farm payroll data is more like an "emotion trigger" for financial markets.

In the current cycle, the impact of non-farm employment data on the market mainly manifests as "short-term emotional fluctuations," rather than a reversal of the trend. The reason is that most institutions have already formed expectations about the core state of the economy, and a single data point is difficult to change long-term judgments. However, this does not mean that non-farm data is unimportant. On the contrary, it functions like a high-frequency trigger: when the data slightly deviates from expectations, the market quickly amplifies the interpretation, leading to synchronized fluctuations in the dollar, interest rates, stock markets, and cryptocurrencies. Especially during periods of relatively ample liquidity, non-farm data often becomes the "spark" for short-term capital battles.

Understanding this can help investors avoid emotional trading. The sharp fluctuations when non-farm data is released do not necessarily indicate a trend change, but are more likely the market adjusting positions and re-pricing expectations. #非农就业数据