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[Global Markets Focus on Non-Farm Payrolls Data, US Dollar Index Remains High and Fluctuates] ⑴ Bank Indonesia is expected to maintain its benchmark interest rate at its August policy meeting. Future easing policy will depend on the stability of the rupiah and global market sentiment. RHB economists predict a final rate cut could occur in September, but the timing depends on the domestic and international risk environment. ⑵ The US dollar index rose slightly by 0.1% to 100.022, having earlier hit a two-month high of 100.145. Analysts suggest that a strong July non-farm payrolls data could further strengthen the dollar, but gains may be limited as the positive factors have already been partially priced in. ⑷ The UK 10-year government bond yield rose 6 basis points to 4.628%, tracking trends in European and American bond markets. Data from the National Building Society showed that UK house prices rose 0.6% month-on-month in July, reversing a decline in June. ⑸ United Overseas Bank expects Indonesia's trade surplus to narrow this year, as reciprocal US tariffs could suppress external demand. ⑹ The German 10-year government bond yield rose 3.5 basis points to 2.726%. ING believes that with the conclusion of a trade agreement, weakening safe-haven demand could lead to further increases in German bond yields. (7) The euro rose slightly by 0.1% to 1.1429 against the US dollar, but remained below the 1.15 mark. UniCredit stated that it remains bullish on the euro in the medium term, and the recent decline reflects adjustments in long positions rather than deteriorating fundamentals. (8) Southeast Asian markets face the risk of industry-targeted tariffs, with the semiconductor industries in Malaysia and Singapore and the automotive industry in Thailand potentially being the hardest hit. (9) The US dollar index is currently at 99.959, and analysts warn that long-term bearish factors such as the US fiscal deficit and debt problems remain.