Tomorrow's unmissable data—the Non-Farm Payrolls report. This time, it's a bit different, so we need to clarify it carefully.

Let's look at the numbers first. The September unemployment rate is 4.4%, with 119,000 new jobs added. But there's a trap here—the October data is completely missing. Why? The US experienced a rare government shutdown earlier, and the Bureau of Labor Statistics couldn't collect household survey data during that period, which is fundamental for calculating the unemployment rate. October's data is simply gone and cannot be recovered later. So, the final solution was to publish the October and November data together, instead of separately.

This means the numbers we see tomorrow are actually a combined result for two months, which naturally leads to greater volatility.

From an expectations perspective, with the Federal Reserve's stance at the December 9th meeting and the official statements on the job market, there's a good chance this non-farm report will be positive. If the data exceeds expectations and turns out to be bullish, coupled with the Federal Reserve's monthly liquidity injection of $40 billion—strictly speaking, this isn't QE, but it does effectively boost the market—the impact on stocks and crypto will be quite noticeable.

History shows that ample liquidity combined with positive employment data typically leads risk assets to rise. This combination of conditions is quite friendly for risk assets like cryptocurrencies.

One key number to watch is whether November's new jobs can surpass 150,000. The probability isn't high, but if it does happen, the market reaction could be even more intense. In short, tomorrow's data warrants close attention.