Due to much higher than expected non farm payroll data, the expectation of the Federal Reserve cutting interest rates has been weakened. Last Friday (February 2), the US dollar index briefly hit 104, continuing to hit a new high since December last year, closing up 0.87%. The pound, Australian dollar, New Zealand dollar, and Swiss franc all fell more than 1% against the US dollar during trading. The yield of US 10-year treasury bond bonds rose 16 basis points to 4.02% during the day. US three-year and five-year treasury bond bond yields both rose 20 basis points in the session.

Last week, global market events were constant, and Federal Reserve Chairman Powell poured cold water on the March interest rate cut. However, last Friday's non farm payroll report exploded, further suppressing the interest rate cut bet.

In terms of market performance, the three major US stock indexes closed higher last week, with the Dow Jones and S&P hitting new highs. US Treasury bonds were sold off, and the US dollar soared last Friday, closing higher for the fifth consecutive week. Gold rose and fell, but closed higher on the weekly chart. Crude oil plummeted by over 7% last week.

On February 2nd, the US dollar rose against a basket of currencies, and the US dollar index narrowly consolidated in the overnight market. It quickly rose in the morning of the day, followed by a strong consolidation, and the US dollar index rose significantly in the end of the day. The US dollar index, which measures the US dollar against six major currencies, rose 0.85% on the same day and closed at 103.922 at the end of the foreign exchange market.