Non-farm data unexpectedly rises, the US dollar index breaks down and falls, gold surges briefly

【Crypto World】US November employment data has just been released, and the market reaction has shown an interesting divergence. The unemployment rate stands at 4.6%, the highest level since September 2021, significantly exceeding expectations. At the same time, non-farm employment also showed a counterintuitive move—adding 64,000 jobs, surprisingly higher than the market consensus.

As soon as this data was released, US stock index futures immediately turned upward. But what’s even more interesting is the trend of other assets. Non-USD currencies collectively strengthened, with the euro against the dollar breaking through 1.1791, rising over 10 points; GBP/USD surged to around 1.3452, nearly a 20-point increase. In contrast, USD/JPY was hammered down, falling 30 points to 154.39.

The most direct indicator is the US Dollar Index (DXY), which fell below the 98 level for the first time since October 6, indicating significant dollar pressure. Amid rising risk aversion, spot gold also moved higher, rising $5 in the short term to a high of $4,306 per ounce. This wave of market reaction from data to price movements actually reflects a re-pricing of the market’s expectations regarding the Federal Reserve’s policy space.