I just observed an interesting phenomenon. The US non-farm payroll data performed well, which should theoretically support the dollar, but instead the dollar is weakening. What does this reflect?

The analysis from corporate payment strategists is worth considering. They point out that the continued weakening of the dollar indicates that the market's bearish sentiment has become deeply rooted. In other words, even the best economic data seem unable to change investors' pessimistic outlook on the dollar. This is undoubtedly a warning sign for those betting on a strong US economy saving the dollar.

From a historical perspective, the current decline of the dollar isn't particularly exaggerated. The problem is that if this bearish sentiment persists, there is still room for the dollar to fall further. The key is whether market sentiment can be reversed. As long as bearish expectations are deeply ingrained, a few good data points alone are unlikely to change the situation.

This logic is also quite interesting when applied to the crypto market—weakness in the dollar usually boosts the appeal of risk assets.