The first Friday of every month, traders around the world are waiting for the same thing—the release of US non-farm payroll data.

How important is this data? To put it simply, it determines the market trend for the entire upcoming month. The US Department of Labor releases three figures each month: non-farm employment, unemployment rate, and average hourly earnings. Seemingly simple, but capable of triggering chain reactions across stock markets, forex markets, and cryptocurrency markets.

Why? Because these data directly influence the Federal Reserve's decisions. The Fed looks at employment data to decide whether to cut or raise interest rates. The stronger the employment, the more robust the dollar; the weaker the employment, the market begins to expect rate cuts. The combined release of data for October and November at the end of last year is a vivid example—unemployment jumped to 4.6%, and new jobs did not meet expectations. Yet, instead of panic, the market enthusiastically speculated on rate cuts. This kind of reverse operation is rarely seen in normal times.

No matter which market you're in, you can't escape the volatility on this day. The impact can be felt across the dollar, US bonds, gold, stocks, and cryptocurrencies. When the data is good, the dollar appreciates, and bond yields rise; when the data is poor, gold and safe-haven assets rebound, and expectations of rate cuts push stocks higher.

In short, understanding the logic behind non-farm data is like holding the key to grasping the pulse of the global financial markets. It’s no longer just an economic indicator but has become a stage for market capital to compete. Next non-farm night, don’t just look at the numbers themselves—pay attention to how the market interprets those numbers.