COMMODITY MARKET IN FALL
Oil rose due to the energy agenda and supply problems. While Powell’s statements caused a decrease in the commodity market; Industrial metals slumped and copper futures were down 1.8 percent on Monday. It is stated that the PMI data (purchasing manager index) to be announced in China this week may pull prices further back. Gold prices also fell to the lowest level in the last month. Spot gold traded at 1.722 on Monday. The decrease seen in gold in the last 12 months was about 5 percent.
EYES ON NON-AGRICULTURAL EMPLOYMENT DATA
While interest rate increases are expected to continue throughout the year in the USA; As one of the most important data of this week, US non-farm employment data is expected to be announced. The data announced in July exceeded expectations and it was stated that non-agricultural employment in the country increased by 528 thousand. It is thought that a strong data coming in August may open a new door for the Fed’s steps in tightening monetary policy. Isabel Schnabel, Member of the Board of the European Central Bank, drew attention to the fact that, after Powell’s statements, central banks should act aggressively to combat high inflation, even if recession concerns are on the table. European stock markets also started the new week with a decline. Technology stocks led the decline, with losses of up to 2%. Euro/dollar reached an intraday high of 1.0029 on Monday. The decline seen in European stock markets during the day was also effective in the closing.
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