Recently, the dollar's gains have somewhat retraced, and the market's focus has shifted back to the upcoming non-farm payroll data. Whether this data can become a turning point for the Federal Reserve to cut interest rates is indeed worth paying close attention to.

If the economic performance is not ideal enough, the Federal Reserve may accelerate its rate cuts, which would be a positive for risk assets like gold and stocks, and cryptocurrencies could also benefit. However, the problem is that if the non-farm employment data turns out to be too strong, the Federal Reserve will definitely keep its stance unchanged, and the dollar will remain strong. In that case, assets like Bitcoin and Ethereum will face greater pressure.