Shifting Expectations After Non-Farm Markets Global markets started the new week cautiously; weak employment data and political uncertainty in the US made investors more cautious. The addition of only 73,000 jobs in the labor market in July fell well short of expectations, with the previous two months' total revised downward by approximately 260,000. This fueled expectations for an early interest rate cut from the Federal Reserve and led to a sharp decline in bond yields. At the same time, the US President's dismissal of the head of the Statistics Agency and his appointment of his own appointees to the Fed leadership cast doubt on the credibility of economic data. These developments led investors to a "buy the dip" strategy; US and European stock futures rose, while MSCI indices recovered. Nevertheless, Japan's Nikkei fell 1.6% to 1.0%, while the MSCI Asia-Pacific index excluding China rose 0.6% to 1.0%, and South Korean stocks rose 0.8% to 1.0%. In India, the Sensex and Nifty 50 also rose above 0.8% to break above 24,600, with automotive and metal sector stocks leading the recovery. In foreign exchange and commodity markets, the dollar regained some stability this session after a sharp decline earlier. It recovered against the euro and yen, while sterling remained cautious amid expectations of a BoE interest rate cut. Gold held steady due to safe-haven demand, while oil prices continued to decline following the OPEC+ decision to increase production in September. The latest outlook for global markets was driven by weak US employment data, trade tensions and political interventions, Fed interest rate expectations, and the IMF's growth forecasts. Despite the continued cautiousness in risk assets, investors are turning to dip-buying strategies in stocks in anticipation of lower interest rates, with currency, budget, and data reliability likely to determine market direction in the coming days.

EURUSD

The dollar index, which has been under severe selling pressure from the upper 100 level, is struggling to stabilize around 98, while the euro gained against the dollar. The effort to hold above 1.1550 will be closely monitored during this week of quiet data flow.

Support Levels
➢ 1.1555
➢ 1.1450
➢ 1.1400
Resistance Levels
➢ 1.1590
➢ 1.1640
➢ 1.1755

OUNCE OF GOLD
Following weak nonfarm payrolls data, the likelihood of a Fed rate cut strengthened for September, and gold prices rose sharply on these expectations. Consolidation continues in the medium term. Tariffs and geopolitical issues will be monitored this week, alongside the quiet macro data agenda.

Support Levels
➢ 3,340
➢ 3,300
➢ 3,250
Resistance Levels
➢ 3,370
➢ 3,400
➢ 3,430

Brent Oil
Following OPEC+'s decision to increase daily production by 547,000 barrels in September, oil prices continue to retreat. We observe that last week's price movement above $72 proved insufficient.

Support Levels
➢ 70.20
➢ 67.50
➢ 64.30
Resistance Levels
➢ 72.70
➢ 76.25

NASDAQ100
While nonfarm payroll data sparked buying on safe demand, Wall Street indexes closed Friday with sharp losses. The Nasdaq, which rebounded from the 22,650 region, will be closely watched this support level throughout the week.

Support Levels
➢ 22,650
➢ 22,180
Resistance Levels
➢ 23,040
➢ 23,150
➢ 23,260

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