The highly anticipated U.S. non-farm payroll data for June will be released tonight at 20:30. This report could become a key factor in whether the Federal Reserve (FED) will cut interest rates in July. Global financial markets are closely watching this important economic indicator.

The latest ADP employment report shows an unexpected decline in employment numbers, which has driven up gold prices and increased expectations for interest rate cuts. If tonight's non-farm data also performs weakly, it may further raise the likelihood of an interest rate cut in July.

However, there are disagreements within the Federal Reserve (FED) on whether interest rates should be cut. Some officials advocate taking action in July, while others prefer a wait-and-see approach, hoping to wait for more economic data and clarity on the trade situation.

In addition to employment data, the market is also focusing on the upcoming changes in trade policy. July 9 is an important tariff policy juncture that could significantly impact the USD exchange rate. Some financial institutions have already issued warnings that if the non-farm data is poor, the USD may face a new round of selling pressure.

The release of this non-farm data not only relates to the state of the employment market but will also influence the monetary policy decisions of The Federal Reserve (FED), the direction of global financial markets, and the exchange rate fluctuations of major currencies. Regardless of the outcome, it will become an important factor affecting the short-term market trends.

As the global economic situation continues to change, investors need to remain vigilant and closely follow various economic indicators and policy trends in order to adjust their investment strategies in a timely manner.