Analysis: Powell makes this week's non-farm data particularly important, and if labor market data is less than expected, it will significantly push up interest rate cuts

According to BlockBeats, on September 3, Commerzbank foreign exchange analyst Antje Praefcke pointed out that in his speech at Jackson Hole's annual meeting, Powell emphasized the downside risks faced by the economy and employment - to balance the expectation of interest rate cuts by colleagues from the U.S. government, market and Federal Reserve's Federal Open Market Committee and the inflation risks caused by tariffs - the current labor market data has attracted much more attention than usual, and the impact weight of this data will also increase significantly. This naturally also means that if the labor market data is lower than expected, it may further significantly boost the Federal Reserve's expectation of interest rate cuts, and may even re-induce market expectations for one or more 50 basis points cuts. If this happens, the US dollar is expected to suffer another severe blow. If the ADP data released tomorrow is lower than expected (the market consensus is 80,000), it may lay the foundation for this bearish sentiment - although the index ultimately means little to the prediction of Friday's non-farm data. (Jin Shi)