The overall strength of the U.S. economy is a false impression; the data structure is fragile, and industry dependence is single, making the rebound unsustainable. Wash's nomination provides only a temporary boost to the dollar, but the rebound momentum has nearly exhausted itself, and the medium-term outlook remains bearish. Tonight's focus: ISM Services PMI + ADP strong data may provide short-term bullish signals for the dollar and suppress rate cut expectations. However, as long as the momentum recedes, the main trend of dollar decline remains unchanged. Market sentiment is sensitive ahead of non-farm payrolls, volatility is amplified, and caution is advised when chasing gains.