The dollar remains under pressure despite strong non-farm employment data, a contradictory phenomenon that has prompted market reflection. According to Golden Ten, although the U.S. labor market has demonstrated resilience, suggesting the Federal Reserve may maintain its current policy stance, the dollar has still failed to strengthen. Corpay strategist Carl Shammota points out that this reflects deeply entrenched bearish sentiment on the dollar, which makes it difficult for investors to reverse their pessimistic expectations even with strong U.S. fundamental data. From a historical perspective, the dollar's current decline remains within a moderate range, but if this deeply rooted short-selling atmosphere persists, there is room for further downside, and a shift in market sentiment may become the key variable.