Friday's economic calendar is quite packed, with several data releases and policy developments that could directly move the markets.

In the morning, a series of domestic indicators. China's December CPI year-over-year will be released at 9:30, a data point that often influences global risk asset pricing. Following that, Europe is also busy—Germany's industrial production and trade data, and France's production monthly figures will be released around 15:00, with France's official report coming at 15:45. Switzerland's unemployment rate will be announced at 16:00, and Eurozone retail sales data at 18:00.

The real highlight is in the evening. In the US, a series of data will be released at 21:30: December employment figures, unemployment rate, non-farm payrolls, average hourly earnings (yearly and monthly), new housing starts, and building permits—this combination directly reflects the health of the US labor market and economic resilience. At 23:00, attention will also be on Fed's Kashkari's informal remarks, as well as the University of Michigan consumer sentiment preliminary index and one-year inflation expectations.

Additionally, there are three pending events: Trump's talks with oil executives about Venezuela's oil, the Supreme Court's ruling on the legality of tariffs, and Bloomberg's annual rebalancing of the commodity index. These policy factors could unexpectedly trigger black swan events. ETH and other crypto traders should monitor the markets all day; once hawkish or dovish signals from the Fed are released, market liquidity could shift instantly.