Analysis: The key impact of tonight's Nonfarm Payrolls on the market lies in whether it will change the pace of Fed rate cuts.

According to Odaily, the core impact of tonight's Non-Farm Payrolls on the market lies in whether it changes expectations regarding the Federal Reserve's rate cut pace and the path of real interest rates: If employment and wages are significantly stronger than expected, rate cut expectations will be compressed, the US dollar will strengthen, and gold will come under pressure; if the data is generally in line with expectations, the market will maintain a "soft landing" pricing, with the US dollar and gold mainly fluctuating; if Non-Farm Payrolls are clearly weaker and wages slow down simultaneously, expectations for rate cuts will be strengthened, the US dollar will weaken, and gold will benefit. However, if there is a structural divergence where employment weakens but wages remain relatively strong, inflation stickiness and slowing growth will coexist, policy expectations will fluctuate repeatedly, and volatility in the US dollar and gold will increase, with gold tending to be more pressured.