{"id":51714,"date":"2026-07-27T06:50:11","date_gmt":"2026-07-27T06:50:11","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/week-ahead-gold-faces-fed-test-as-dollar-and-yields-shift\/"},"modified":"2026-07-27T06:50:11","modified_gmt":"2026-07-27T06:50:11","slug":"week-ahead-gold-faces-fed-test-as-dollar-and-yields-shift","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/featured\/week-ahead-gold-faces-fed-test-as-dollar-and-yields-shift\/","title":{"rendered":"Haftaya Bak\u0131\u015f: Dolar ve Tahvil Faizleri Y\u00f6n De\u011fi\u015ftirirken Alt\u0131n Fed S\u0131nav\u0131yla Kar\u015f\u0131 Kar\u015f\u0131ya"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/codeOTliNWQ2OWE4NDJhMzExNDUxOWZiMzFjOGVlMDhkNGFfRzZEcXlLOFZSaUh1b2hHSUhOWmxHQTl6MW5NOWc5NTNfVG9rZW46TVdLMWJWMW9EbzNlODZ4YUcySWxXUTNJZ3ZkXzE3ODUxMjMxMTE6MTc4NTEyNjcxMV9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Genel Bak\u0131\u015f<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ABD Hazine tahvili faizleri piyasalar\u0131n ana g\u00fcndemi. Yat\u0131r\u0131mc\u0131lar enflasyon beklentilerini, kamu bor\u00e7lanmas\u0131n\u0131 ve uzun vadeli faiz g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc yeniden de\u011ferlendiriyor.<\/li>\n\n\n\n<li>Yo\u011fun merkez bankas\u0131 takviminde ABD Merkez Bankas\u0131 (Fed), \u0130ngiltere Merkez Bankas\u0131 (BoE) ve Japonya Merkez Bankas\u0131 (BoJ) \u00f6ne \u00e7\u0131k\u0131yor. ABD GSYH (gayrisafi yurti\u00e7i has\u0131la) ve \u00c7ekirdek PCE enflasyon verisi faiz beklentilerini de\u011fi\u015ftirebilir.<\/li>\n\n\n\n<li>Petrol fiyatlar\u0131 enflasyon beklentilerini etkilemeyi s\u00fcrd\u00fcr\u00fcyor; bu durum politika yap\u0131c\u0131lar ve riskli varl\u0131klar i\u00e7in belirsizli\u011fi art\u0131r\u0131yor.<\/li>\n\n\n\n<li>Yat\u0131r\u0131mc\u0131lar\u0131n tahvil faizlerini, ABD dolar\u0131n\u0131n g\u00fcc\u00fcn\u00fc ve alt\u0131n, maj\u00f6r d\u00f6viz pariteleri ile hisse endekslerindeki kritik teknik seviyeleri (destek\/diren\u00e7 gibi fiyat e\u015fikleri) yak\u0131ndan izlemesi gerekiyor.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Piyasa G\u00f6r\u00fcn\u00fcm\u00fc: Sahne Tahvil Piyasas\u0131n\u0131n<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Tahvil piyasas\u0131, ABD 30 y\u0131ll\u0131k Hazine tahvili faizinin 2007\u2019den bu yana en uzun s\u00fcre %5\u2019in \u00fczerinde kalmas\u0131n\u0131n ard\u0131ndan k\u00fcresel risk i\u015ftah\u0131n\u0131 belirleyen ana unsur h\u00e2line geldi. G\u00f6sterge 10 y\u0131ll\u0131k tahvil faizi de %4,68\u2019e do\u011fru y\u00fckseldi. Bu tablo; kal\u0131c\u0131 enflasyon endi\u015felerini, artan kamu borcunu ve ABD mali politikas\u0131n\u0131n (b\u00fct\u00e7e\/bor\u00e7 y\u00f6netimi) uzun vadede s\u00fcrd\u00fcr\u00fclebilirli\u011fine dair soru i\u015faretlerini yans\u0131t\u0131yor.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Bond traders enter the week seeing a better than one-in-three chance that the Federal Reserve hikes interest rates on Wednesday after flaring Middle East tensions lifted oil prices, boosting inflation worries and yields <a href=\"https:\/\/t.co\/9FRcyHaD82\">https:\/\/t.co\/9FRcyHaD82<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2081472153749262540?ref_src=twsrc%5Etfw\">July 26, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Artan jeopolitik gerilim ve y\u00fcksek <a href=\"https:\/\/www.vtmarkets.com\/discover\/crude-oil-guide-prices-trading-what-is-wti-crude\/\">petrol fiyatlar\u0131na<\/a> ra\u011fmen hisse piyasalar\u0131 g\u00fc\u00e7l\u00fc kald\u0131. Bunda, <a href=\"https:\/\/www.vtmarkets.com\/discover\/ai-in-trading-how-its-transforming-stock-markets\/\">yapay zek\u00e2<\/a> (veriyle \u00f6\u011frenen yaz\u0131l\u0131mlar) beklentileri ve \u015firket k\u00e2rlar\u0131n\u0131n deste\u011fi etkili. Ancak y\u00fckselen bor\u00e7lanma maliyetleri, hisse de\u011ferlemelerinin (fiyatlar\u0131n \u015firket k\u00e2r beklentilerine g\u00f6re pahal\u0131\/ucuz olmas\u0131) bu seviyeleri ne kadar savunabilece\u011fini test ediyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6nceki belirsizlik d\u00f6nemlerinin aksine yat\u0131r\u0131mc\u0131lar uzun vadeli ABD tahvillerine g\u00fc\u00e7l\u00fc bir y\u00f6neli\u015f g\u00f6stermedi. Jeopolitik risklere ra\u011fmen tahvil faizlerinin y\u00fckselmeyi s\u00fcrd\u00fcrmesi, \u201cg\u00fcvenli liman\u201d talebinden \u00e7ok enflasyon kayg\u0131s\u0131n\u0131n ve artan bor\u00e7lanma ihtiyac\u0131n\u0131n a\u011f\u0131r bast\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">%5 \u00fczeri tahvil faizleri 2007\u2019yi akla getirse de mevcut ko\u015fullar farkl\u0131. O d\u00f6nemde konut piyasas\u0131 ve finansal sistemdeki zay\u0131fl\u0131klar belirleyiciydi. Bug\u00fcn ise kal\u0131c\u0131 b\u00fct\u00e7e a\u00e7\u0131klar\u0131, y\u00fcksek hisse de\u011ferlemeleri, artan enerji fiyatlar\u0131 ve yapay zek\u00e2 altyap\u0131s\u0131na (veri merkezi, \u00e7ip, bulut sistemleri gibi) b\u00fcy\u00fck \u00f6l\u00e7ekli yat\u0131r\u0131mlar \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ortak nokta \u201cparan\u0131n maliyeti\u201d, yani faiz. Faizler y\u00fckseldi\u011finde, d\u00fc\u015f\u00fck faiz d\u00f6neminde g\u00f6r\u00fcnmeyen k\u0131r\u0131lganl\u0131klar ortaya \u00e7\u0131kabilir; bu da yat\u0131r\u0131mc\u0131lar\u0131 farkl\u0131 varl\u0131k s\u0131n\u0131flar\u0131nda riski yeniden de\u011ferlendirmeye iter. Bu s\u00fcre\u00e7te <a href=\"https:\/\/www.vtmarkets.com\/discover\/a-complete-guide-to-trading-vt-markets-cfd-bonds\/\">tahvil CFD\u2019leri<\/a> (fiziki tahvil almadan fiyat fark\u0131 \u00fczerinden i\u015flem yap\u0131lmas\u0131n\u0131 sa\u011flayan t\u00fcrev \u00fcr\u00fcnler) gibi ara\u00e7lar da kullan\u0131labiliyor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Y\u00fckselen Faizler Finansal Ko\u015fullar\u0131 Zorluyor<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Daha y\u00fcksek Hazine tahvili faizleri ABD y\u00f6netimi i\u00e7in giderek b\u00fcy\u00fcyen bir sorun. Vadesi gelen bor\u00e7lar yenilenirken (refinansman\/yeniden bor\u00e7lanma) \u00e7ok daha y\u00fcksek faizle bor\u00e7lan\u0131l\u0131yor; bu da bor\u00e7 faiz \u00f6demelerini art\u0131r\u0131yor. Artan faiz giderleri b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131n\u0131 b\u00fcy\u00fct\u00fcyor, daha fazla tahvil ihra\u00e7 edilmesine (piyasaya yeni bor\u00e7 senedi s\u00fcr\u00fclmesine) yol a\u00e7\u0131yor ve faizleri daha da yukar\u0131 itebiliyor.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Dollar pulls back as US-Iran attacks pause, oil drops <a href=\"https:\/\/t.co\/06lBbg85cg\">https:\/\/t.co\/06lBbg85cg<\/a> <a href=\"https:\/\/t.co\/06lBbg85cg\">https:\/\/t.co\/06lBbg85cg<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2081552782037860741?ref_src=twsrc%5Etfw\">July 27, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Etkisi sadece kamu maliyesiyle s\u0131n\u0131rl\u0131 de\u011fil. %5\u2019in \u00fczerindeki tahvil faizleri, \u00f6zellikle \u015firket k\u00e2rlar\u0131n\u0131n artan finansman maliyetini (bor\u00e7la i\u015f yapman\u0131n pahalanmas\u0131) kar\u015f\u0131lay\u0131p kar\u015f\u0131layamayaca\u011f\u0131 sorgulan\u0131rken, hisselere k\u0131yasla daha cazip h\u00e2le geliyor. Teknoloji gibi b\u00fcy\u00fcme hisseleri daha hassas; \u00e7\u00fcnk\u00fc de\u011ferlerinin \u00f6nemli k\u0131sm\u0131 gelecekte beklenen nakit ak\u0131\u015flar\u0131na dayan\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yapay zek\u00e2 uzun vadeli b\u00fcy\u00fcme beklentilerini canl\u0131 tutsa da yat\u0131r\u0131m maliyetleri h\u0131zla art\u0131yor. B\u00fcy\u00fck teknoloji \u015firketleri veri merkezleri, yar\u0131 iletken (\u00e7ip) altyap\u0131s\u0131, bulut bili\u015fim (internet \u00fczerinden sunulan i\u015flem g\u00fcc\u00fc\/depolama) ve enerji kapasitesi i\u00e7in b\u00fcy\u00fck sermaye harcamalar\u0131 yap\u0131yor. Yat\u0131r\u0131mc\u0131lar, bu harcamalar\u0131n gelir art\u0131\u015f\u0131na, k\u00e2rl\u0131l\u0131k marj\u0131na (sat\u0131\u015ftan kalan k\u00e2r oran\u0131) ve s\u00fcrd\u00fcr\u00fclebilir serbest nakit ak\u0131\u015f\u0131na (yat\u0131r\u0131m\/i\u015fletme harcamalar\u0131ndan sonra elde kalan nakit) d\u00f6n\u00fc\u015f\u00fcp d\u00f6n\u00fc\u015fmedi\u011fine daha \u00e7ok odaklanabilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Fed\u2019i Yine Zor Bir Karar Bekliyor<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bu haftaki Fed toplant\u0131s\u0131, politika yap\u0131c\u0131lar\u0131n enflasyon ile b\u00fcy\u00fcmede yava\u015flama aras\u0131ndaki dengeyi arad\u0131\u011f\u0131 bir d\u00f6neme denk geliyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Y\u00fcksek petrol fiyatlar\u0131; ta\u015f\u0131mac\u0131l\u0131k, \u00fcretim ve sanayi maliyetlerini art\u0131rarak enflasyonu yukar\u0131da tutabilir. Enflasyon kal\u0131c\u0131 olursa, gelecekteki faiz indirim beklentileri daha ileri tarihlere \u00f6telenebilir.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Oil slips 5% after US, Iran pause fighting over weekend <a href=\"https:\/\/t.co\/UxRXjwBgw7\">https:\/\/t.co\/UxRXjwBgw7<\/a> <a href=\"https:\/\/t.co\/UxRXjwBgw7\">https:\/\/t.co\/UxRXjwBgw7<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2081567793418215518?ref_src=twsrc%5Etfw\">July 27, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Faizleri erken indirmek enflasyonu yeniden alevlendirebilir ve ABD dolar\u0131na g\u00fcveni zay\u0131flatabilir. S\u0131k\u0131 para politikas\u0131n\u0131 (y\u00fcksek faizle talebi so\u011futma) uzun s\u00fcre korumak enflasyonu kontrol etmeye destek olur; ancak hanehalk\u0131, \u015firketler ve devlet i\u00e7in bor\u00e7lanmay\u0131 pahal\u0131la\u015ft\u0131r\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu nedenle veri ak\u0131\u015f\u0131 daha da kritik. ABD \u00f6nc\u00fc GSYH verisinin \u00e7eyreklik b\u00fcy\u00fcmeyi %2,1\u2019den %2,3\u2019e ta\u015f\u0131mas\u0131 bekleniyor. <a href=\"https:\/\/www.vtmarkets.com\/discover\/complete-consumer-price-index-guide-2025-smarter-investing\/\">\u00c7ekirdek PCE enflasyonu<\/a> ise (Fed\u2019in yak\u0131ndan izledi\u011fi, g\u0131da ve enerji gibi oynak kalemleri d\u0131\u015far\u0131da b\u0131rakan ki\u015fisel t\u00fcketim harcamalar\u0131 fiyat g\u00f6stergesi) %0,3\u2019ten %0,1\u2019e yava\u015flayabilir. Beklentiden sapma, tahvil faizlerini, dolar\u0131n y\u00f6n\u00fcn\u00fc ve genel piyasa alg\u0131s\u0131n\u0131 h\u0131zla etkileyebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ABD d\u0131\u015f\u0131nda; Avustralya T\u00dcFE (T\u00fcketici Fiyat Endeksi), Avustralya Merkez Bankas\u0131 (RBA) Ba\u015fkan\u0131 Michele Bullock\u2019un a\u00e7\u0131klamalar\u0131, BoE\u2019nin Para Politikas\u0131 Raporu ve BoJ\u2019un faiz karar\u0131 izlenecek. Bu ba\u015fl\u0131klar hafta boyunca maj\u00f6r paritelerde oynakl\u0131\u011f\u0131 art\u0131rabilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Riskli Varl\u0131klar\u0131 Ne Destekleyebilir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Piyasalar, yakla\u015fan enflasyon verilerine ve y\u00fcksek tahvil faizlerine ra\u011fmen hisseler i\u00e7in ko\u015fullar\u0131n destekleyici olup olmad\u0131\u011f\u0131na odaklanacak. Petrol\u00fcn 100 dolar\u0131n alt\u0131nda kalmas\u0131 enflasyon bask\u0131s\u0131n\u0131 azalt\u0131r. \u00d6zellikle b\u00fcy\u00fck teknoloji \u015firketlerinden g\u00fc\u00e7l\u00fc k\u00e2rlar, yapay zek\u00e2 yat\u0131r\u0131mlar\u0131 daha y\u00fcksek k\u00e2rl\u0131l\u0131\u011fa d\u00f6n\u00fcyorsa de\u011ferlemeleri destekleyebilir. Yapay zek\u00e2 kaynakl\u0131 verimlilik art\u0131\u015f\u0131 da faizlerin \u201cfinansal stres\u201d de\u011fil, daha g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme beklentisi olarak okunmas\u0131na yol a\u00e7abilir. Enflasyonda \u0131l\u0131ml\u0131 seyrin s\u00fcrmesi, Fed\u2019in ek s\u0131k\u0131la\u015fma yapmadan yoluna devam edebilece\u011fi beklentisini g\u00fc\u00e7lendirir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6te yandan riskler s\u00fcr\u00fcyor. Petrol\u00fcn 110\u2013120 dolara y\u00f6nelmesi veya 10 y\u0131ll\u0131k tahvil faizinin %5\u2019e yakla\u015fmas\u0131 b\u00fcy\u00fcmeyi, bor\u00e7lanma maliyetlerini ve hisse de\u011ferlemelerini bask\u0131layabilir. Yapay zek\u00e2 yat\u0131r\u0131mlar\u0131n\u0131n k\u00e2r art\u0131\u015f\u0131 \u00fcretip \u00fcretmedi\u011fi de izlenecek; zay\u0131f teknoloji bilan\u00e7olar\u0131 a\u015fa\u011f\u0131 y\u00f6nl\u00fc risk yarat\u0131r. Hisse, tahvil ve dolar\u0131n ayn\u0131 anda d\u00fc\u015fmesi, ABD varl\u0131klar\u0131na talep konusunda daha genel bir endi\u015feye i\u015faret eder. Genel olarak y\u00fcksek faizler, acil bir krizden \u00e7ok sermaye maliyetinin (para bulman\u0131n\/bor\u00e7lanman\u0131n bedeli) artt\u0131\u011f\u0131n\u0131 g\u00f6steriyor; bu da ekonomik verileri ve merkez bankas\u0131 kararlar\u0131n\u0131 ana belirleyici yap\u0131yor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u0130zlenecek \u00d6nemli Semboller<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">USDX | XAUUSD | EURUSD | USOil | BTCUSD<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Yakla\u015fan Geli\u015fmeler<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">Tarih<\/td><td class=\"has-text-align-center\" data-align=\"center\">Para Birimi<\/td><td class=\"has-text-align-center\" data-align=\"center\">Veri\/Olay<\/td><td class=\"has-text-align-center\" data-align=\"center\">Beklenti<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u00d6nceki<\/td><td class=\"has-text-align-center\" data-align=\"center\">Analist Notu<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">29 Tem<\/td><td class=\"has-text-align-center\" data-align=\"center\">AUD<\/td><td class=\"has-text-align-center\" data-align=\"center\">T\u00dcFE y\u0131ll\u0131k<\/td><td class=\"has-text-align-center\" data-align=\"center\">4.00%<\/td><td class=\"has-text-align-center\" data-align=\"center\">4.00%<\/td><td class=\"has-text-align-center\" data-align=\"center\">Enflasyonun ayn\u0131 seviyede kalmas\u0131, mevcut politika beklentilerini g\u00fc\u00e7lendirebilir.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">30 Tem<\/td><td class=\"has-text-align-center\" data-align=\"center\">USD<\/td><td class=\"has-text-align-center\" data-align=\"center\">Federal Fonlama Faizi<\/td><td class=\"has-text-align-center\" data-align=\"center\">3.75%<\/td><td class=\"has-text-align-center\" data-align=\"center\">3.75%<\/td><td class=\"has-text-align-center\" data-align=\"center\">Piyasalar y\u00f6nlendirmeye (gelecek ad\u0131mlara dair mesajlara) ve faiz g\u00f6r\u00fcn\u00fcm\u00fcndeki olas\u0131 de\u011fi\u015fime odaklanacak.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">30 Tem<\/td><td class=\"has-text-align-center\" data-align=\"center\">GBP<\/td><td class=\"has-text-align-center\" data-align=\"center\">Resm\u00ee Banka Faizi<\/td><td class=\"has-text-align-center\" data-align=\"center\">3.75%<\/td><td class=\"has-text-align-center\" data-align=\"center\">3.75%<\/td><td class=\"has-text-align-center\" data-align=\"center\">Enflasyon e\u011filimi ve olas\u0131 faiz ad\u0131mlar\u0131n\u0131n zamanlamas\u0131 izlenecek.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">30 Tem<\/td><td class=\"has-text-align-center\" data-align=\"center\">USD<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u00d6nc\u00fc GSYH \u00e7\/\u00e7<\/td><td class=\"has-text-align-center\" data-align=\"center\">2.30%<\/td><td class=\"has-text-align-center\" data-align=\"center\">2.10%<\/td><td class=\"has-text-align-center\" data-align=\"center\">Daha g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme, tahvil faizlerini ve dolar\u0131 destekleyebilir.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">31 Tem<\/td><td class=\"has-text-align-center\" data-align=\"center\">JPY<\/td><td class=\"has-text-align-center\" data-align=\"center\">BoJ Politika Faizi<\/td><td class=\"has-text-align-center\" data-align=\"center\">1.00%<\/td><td class=\"has-text-align-center\" data-align=\"center\">1.00%<\/td><td class=\"has-text-align-center\" data-align=\"center\">Faiz karar\u0131yla birlikte ileriye d\u00f6n\u00fck y\u00f6nlendirmedeki (gelecek mesajlar\u0131) olas\u0131 de\u011fi\u015fim de\u011ferlendirilecek.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Haftan\u0131n \u00d6ne \u00c7\u0131kan Hareketleri<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">USDX<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/image-14-1024x548.png\" alt=\"\" class=\"wp-image-62917\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ABD Dolar Endeksi, 101,13 destek seviyesinin \u00fczerinde kalarak genel y\u00fckseli\u015f e\u011filimini korudu.<\/li>\n\n\n\n<li>101,35 \u00fczerindeki kal\u0131c\u0131 k\u0131r\u0131l\u0131m y\u00fckseli\u015fi g\u00fc\u00e7lendirebilir; 100,80\u2019e do\u011fru geri \u00e7ekilme ise yeni bir al\u0131m f\u0131rsat\u0131 yaratabilir.<\/li>\n\n\n\n<li>Dolar\u0131n y\u00f6n\u00fc b\u00fcy\u00fck \u00f6l\u00e7\u00fcde Fed toplant\u0131s\u0131, ABD GSYH ve \u00c7ekirdek PCE verilerine ba\u011fl\u0131 olacak.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">EURUSD<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/codeYzQ4Y2QwZDMwZGRiYTE1NzAxNWVmZTcxNDE4MzAwYTVfcVhMNWhhOXd3MDRaT0tVRUhqMU9OUVZXSUljdnZsTU5fVG9rZW46S1RNUWIzZ2phb2xWZ2R4UDBLRmxLaWhQZzFkXzE3ODUxMjMyOTA6MTc4NTEyNjg5MF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ABD dolar\u0131ndaki g\u00fc\u00e7lenme ve y\u00fckselen tahvil faizleriyle EURUSD bask\u0131 alt\u0131nda kald\u0131.<\/li>\n\n\n\n<li>1,1430 civar\u0131nda sat\u0131\u015f e\u011filimi \u00f6ne \u00e7\u0131k\u0131yor; 1,1361 alt\u0131nda kapan\u0131\u015f d\u00fc\u015f\u00fc\u015f g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc g\u00fc\u00e7lendirebilir.<\/li>\n\n\n\n<li>D\u00fc\u015f\u00fc\u015f\u00fc kovalamak yerine diren\u00e7 b\u00f6lgelerindeki fiyat davran\u0131\u015f\u0131n\u0131 izlemek daha sa\u011fl\u0131kl\u0131 olabilir.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>USOIL<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/codeZTI0YWFhMmYxZjE0ZjRjYzEyYWU4ZjM4MGEzN2M2OGFfbzhOMnlTb01wZnpveVZHMzFLZjdkcEFkdFB3RldIQ1ZfVG9rZW46RVBobGJvcmVNb3JwZWt4MGM4bWxlYjRxZ1liXzE3ODUxMjMyOTA6MTc4NTEyNjg5MF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>USOil 92,65 civar\u0131nda diren\u00e7le kar\u015f\u0131la\u015ft\u0131; ancak sat\u0131c\u0131lar net kontrol kurabilmi\u015f de\u011fil.<\/li>\n\n\n\n<li>Al\u0131m i\u015ftah\u0131 s\u00fcrerse 95,25\u2019e do\u011fru hareket ihtimali devam ediyor.<\/li>\n\n\n\n<li>Enerji fiyatlar\u0131, enflasyon beklentileri ve merkez bankas\u0131 politikas\u0131 i\u00e7in kritik belirleyici olmaya devam ediyor.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>XAUUSD (Alt\u0131n)<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/codeMDMxZGQxMTRiOTBlMjZhYzgzODMyNjM3NWEzOTg5ZTdfSXQ1TmJxQUlkREo3VWgyd28yMEhYSENLQ2RNUXRyb0ZfVG9rZW46WDU2a2JYdkRtb3dhbE54bHpRWGxsS0Q0Z0RiXzE3ODUxMjMyOTA6MTc4NTEyNjg5MF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Alt\u0131n, jeopolitik belirsizlik ile y\u00fcksek tahvil faizleri aras\u0131ndaki dengeyle y\u00fcksek seviyelere yak\u0131n seyretti.<\/li>\n\n\n\n<li>4.120 alt\u0131nda yatay seyir, fiyat zay\u0131flarsa yeniden sat\u0131\u015flar\u0131 tetikleyebilir.<\/li>\n\n\n\n<li>Fed karar\u0131 ve ABD enflasyon verisi sonras\u0131 oynakl\u0131k artabilir.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">SP500<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/codeOTllYjljZDMzYWVkMTE3YjExOGI3NTlmNzQyYTc3Y2VfazMxU2pablM1ek5MY25nMGUwY1AzUDlsMnd2S0hqZmNfVG9rZW46UElOMmI1RkFPb0dibEV4cEFTOGw2dnN2Z01nXzE3ODUxMjMyOTA6MTc4NTEyNjg5MF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S&amp;P 500, izlenen 7.480 b\u00f6lgesi yak\u0131n\u0131nda sat\u0131\u015fla kar\u015f\u0131la\u015ft\u0131; reddi (yukar\u0131 ge\u00e7emeyip geri d\u00f6nmesi) teyit etmek i\u00e7in ek sinyal gerekiyor.<\/li>\n\n\n\n<li>Bu b\u00f6lgeye olas\u0131 yeniden testte y\u00f6n i\u00e7in yeni ipu\u00e7lar\u0131 aranacak.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">BTCUSD<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/image-2-2-1024x545.png\" alt=\"\" class=\"wp-image-62911\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bitcoin 63.920 alt\u0131nda kapan\u0131\u015f yapamad\u0131; bu da geni\u015f band\u0131n (aral\u0131k piyasas\u0131n\u0131n) korunmas\u0131na yol a\u00e7t\u0131.<\/li>\n\n\n\n<li>65.570 ve 66.040 civar\u0131 diren\u00e7; 63.920 alt\u0131 k\u0131r\u0131l\u0131rsa sat\u0131\u015f bask\u0131s\u0131 artabilir.<\/li>\n\n\n\n<li>Yeni y\u00f6n i\u00e7in pozisyon almadan \u00f6nce teyit beklemek daha uygun olabilir.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Sonu\u00e7<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00fcresel piyasalar kritik bir haftaya giriyor; odak merkez bankas\u0131 kararlar\u0131, ABD verileri ve Hazine tahvili faizlerinde. Fed, BoE ve BoJ\u2019un mesajlar\u0131 d\u00f6viz piyasas\u0131n\u0131n y\u00f6n\u00fcn\u00fc belirleyebilir. ABD GSYH ve \u00c7ekirdek PCE verileri para politikas\u0131n\u0131n seyrine dair yeni sinyal verecek. Y\u00fcksek tahvil faizleri, g\u00fc\u00e7l\u00fc petrol fiyatlar\u0131 ve yapay zek\u00e2 kaynakl\u0131 k\u00e2rlar\u0131n s\u00fcrd\u00fcr\u00fclebilirli\u011fi ana tema olmaya devam ediyor. Bu nedenle yat\u0131r\u0131mc\u0131lar yeni pozisyon almadan \u00f6nce veri ak\u0131\u015f\u0131n\u0131 ve teknik teyidi izliyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SSS<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tahvil piyasas\u0131ndaki oynakl\u0131\u011f\u0131 ne art\u0131r\u0131yor?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">ABD Hazine tahvili faizleri; kal\u0131c\u0131 enflasyon, artan kamu borcu ve b\u00fcy\u00fcyen b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 nedeniyle y\u00fckseliyor. Bor\u00e7lanma ihtiyac\u0131 artt\u0131k\u00e7a daha fazla tahvil ihra\u00e7 ediliyor; yat\u0131r\u0131mc\u0131y\u0131 \u00e7ekmek i\u00e7in daha y\u00fcksek faiz gerekebiliyor. Bu durum, jeopolitik risk d\u00f6nemlerinde bile faizleri yukar\u0131da tutabiliyor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Y\u00fckselen tahvil faizleri hisse piyasas\u0131n\u0131 nas\u0131l etkiler?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Tahvil faizleri %5\u2019in \u00fczerine \u00e7\u0131kt\u0131\u011f\u0131nda, devlet tahvilleri hisselere g\u00f6re daha cazip h\u00e2le gelir. Y\u00fcksek faiz \u015firketlerin bor\u00e7lanma maliyetini art\u0131r\u0131r. Ayr\u0131ca gelecekte beklenen k\u00e2rlar\u0131n bug\u00fcnk\u00fc de\u011ferini d\u00fc\u015f\u00fcr\u00fcr (gelecekteki paran\u0131n bug\u00fcne indirgenmesi); bu da teknoloji ve yapay zek\u00e2 gibi b\u00fcy\u00fcme odakl\u0131 sekt\u00f6rlerde de\u011ferleme bask\u0131s\u0131 yarat\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Piyasalar neden Fed kararlar\u0131na bu kadar duyarl\u0131?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Fed, enerji ve \u00fcretim maliyetlerinin etkisiyle inat\u00e7\u0131 enflasyonu, b\u00fcy\u00fcmedeki yava\u015flamayla dengelemeye \u00e7al\u0131\u015f\u0131yor. Faizi erken indirmek enflasyonu yeniden y\u00fckseltebilir. Faizi uzun s\u00fcre y\u00fcksek tutmak ise t\u00fcketiciler, \u015firketler ve devletin vadesi gelen bor\u00e7lar\u0131n\u0131 daha pahal\u0131 faizle yenilemesi nedeniyle finansal bask\u0131y\u0131 art\u0131r\u0131r.<\/p>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/trade-now\/\">buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Tahvil faizleri %5 \u00fcst\u00fcnde kal\u0131rken piyasalar Fed-BoE-BoJ kararlar\u0131, ABD GSYH ve \u00c7ekirdek PCE\u2019ye kilitlendi. Petrol ve yapay zek\u00e2 k\u00e2rlar\u0131 hisseleri desteklese de dolar, alt\u0131n, maj\u00f6r pariteler kritik seviyelerde.<\/p>\n","protected":false},"author":87,"featured_media":51713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48,73],"tags":[],"class_list":["post-51714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-week_ahead"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/51714","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=51714"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/51714\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/51713"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=51714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=51714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=51714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}