{"id":39526,"date":"2026-03-04T02:44:08","date_gmt":"2026-03-04T02:44:08","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%eb%89%b4%ec%a7%88%eb%9e%9c%eb%93%9c%ec%9d%98-4%eb%b6%84%ea%b8%b0-%ea%b5%90%ec%97%ad%ec%a1%b0%ea%b1%b4%ec%a7%80%ec%88%98%eb%8a%94-3-7-%ec%83%81%ec%8a%b9%ed%95%b4-0-7-%ed%95%98%eb%9d%bd%ec%9d%84\/"},"modified":"2026-03-04T02:44:08","modified_gmt":"2026-03-04T02:44:08","slug":"%eb%89%b4%ec%a7%88%eb%9e%9c%eb%93%9c%ec%9d%98-4%eb%b6%84%ea%b8%b0-%ea%b5%90%ec%97%ad%ec%a1%b0%ea%b1%b4%ec%a7%80%ec%88%98%eb%8a%94-3-7-%ec%83%81%ec%8a%b9%ed%95%b4-0-7-%ed%95%98%eb%9d%bd%ec%9d%84","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%eb%89%b4%ec%a7%88%eb%9e%9c%eb%93%9c%ec%9d%98-4%eb%b6%84%ea%b8%b0-%ea%b5%90%ec%97%ad%ec%a1%b0%ea%b1%b4%ec%a7%80%ec%88%98%eb%8a%94-3-7-%ec%83%81%ec%8a%b9%ed%95%b4-0-7-%ed%95%98%eb%9d%bd%ec%9d%84\/","title":{"rendered":"\ub274\uc9c8\ub79c\ub4dc\uc758 4\ubd84\uae30 \uad50\uc5ed\uc870\uac74\uc9c0\uc218\ub294 3.7% \uc0c1\uc2b9\ud574, 0.7% \ud558\ub77d\uc744 \uc608\uc0c1\ud588\ub358 \uc804\ub9dd\uce58\ub97c \uc6c3\ub3cc\uc558\ub2e4."},"content":{"rendered":"\ub274\uc9c8\ub79c\ub4dc\uc758 \uad50\uc5ed\uc870\uac74\uc9c0\uc218(terms of trade index)\uac00 4\ubd84\uae30\uc5d0 3.7% \uc0c1\uc2b9\ud588\ub2e4. \uc774\ub294 0.7% \ud558\ub77d \uc804\ub9dd\ubcf4\ub2e4 \ub192\uc740 \uc218\uce58\ub2e4.\n\n\uad50\uc5ed\uc870\uac74\uc9c0\uc218\ub294 \uc218\ucd9c \uac00\uaca9\uc744 \uc218\uc785 \uac00\uaca9\uc73c\ub85c \ub098\ub208 \ube44\uc728(\uc218\ucd9c \uac00\uaca9 \u00f7 \uc218\uc785 \uac00\uaca9)\uc744 \uc758\ubbf8\ud55c\ub2e4. 3.7%\ub294 \uc774\ubc88 \ubd84\uae30\uc5d0 \uc774 \ube44\uc728\uc774 \ub354 \ucee4\uc84c\ub2e4\ub294 \ub73b\uc774\ub2e4. \uc989, \ub274\uc9c8\ub79c\ub4dc\ub294 \uc218\uc785\ud488\uc5d0 \uc9c0\ubd88\ud558\ub294 \uac00\uaca9\uc5d0 \ube44\ud574 \uc218\ucd9c\ub85c \ub354 \ub9ce\uc740 \uc218\uc775\uc744 \uc5bb\uc5c8\ub2e4\ub294 \uc758\ubbf8\ub2e4.\n\n

\uad50\uc5ed\uc870\uac74 \u2018\uae5c\uc9dd \uc0c1\uc2b9\u2019\uc774 \uc804\ub9dd\uc744 \uac1c\uc120<\/h3>\n\ub274\uc9c8\ub79c\ub4dc\uc758 2025\ub144 4\ubd84\uae30 \uad50\uc5ed\uc870\uac74\uc774 \uc804\ub9dd\uacfc \ub2ec\ub9ac 3.7% \uc0c1\uc2b9\ud55c \uac83\uc740 \uacbd\uc81c\uc5d0 \uae0d\uc815\uc801\uc778 \uc2e0\ud638\ub2e4. \uc774\ub294 \uc218\uc785 \ube44\uc6a9 \ub300\ube44 \uc218\ucd9c \uc218\uc775\uc774 \uc88b\uc544\uc84c\ub2e4\ub294 \ub73b\uc774\ub2e4. \uac70\ub798\uc790\ub294 \uc774\ub97c \ub274\uc9c8\ub79c\ub4dc \ub2ec\ub7ec(NZD, \ub274\uc9c8\ub79c\ub4dc \ud1b5\ud654)\uc5d0 \uc720\ub9ac\ud55c \uc7ac\ub8cc\ub85c \ubcf4\uace0, NZD \ub9e4\ub3c4 \ud3ec\uc9c0\uc158(\ud558\ub77d\uc5d0 \ubca0\ud305\ud55c \uac70\ub798)\uc744 \ub2e4\uc2dc \uc810\uac80\ud560 \ud544\uc694\uac00 \uc788\ub2e4.\n\n\uc774\ucc98\ub7fc \uacbd\uc81c \uc9c0\ud45c\uac00 \uac15\ud558\uba74 \ub274\uc9c8\ub79c\ub4dc \uc911\uc559\uc740\ud589(RBNZ, \ub274\uc9c8\ub79c\ub4dc\uc758 \uae30\uc900\uae08\ub9ac\ub97c \uc815\ud558\ub294 \uae30\uad00)\uc774 \uae08\ub9ac\ub97c \uc27d\uac8c \ub0b4\ub9ac\uae30 \uc5b4\ub835\ub2e4. 2025\ub144 \ub9d0 \ubb3c\uac00\uc0c1\uc2b9\ub960(\uc778\ud50c\ub808\uc774\uc158, \uc804\ubc18\uc801\uc778 \ubb3c\uac00\uac00 \uc624\ub974\ub294 \uc18d\ub3c4)\uc774 \uc5f0 4.5%\ub85c \uc5ec\uc804\ud788 \ub192\ub2e4\ub294 \uc810\uc744 \uace0\ub824\ud558\uba74, \uae08\ub9ac\ub97c \uc624\ub798 \ub192\uc740 \uc218\uc900\uc73c\ub85c \uc720\uc9c0\ud560 \uac00\ub2a5\uc131\uc774 \ucee4\uc9c4\ub2e4. \uae08\ub9ac\uc120\ubb3c(\ubbf8\ub798 \uae08\ub9ac \uc218\uc900\uc744 \uc608\uc0c1\ud574 \uac70\ub798\ud558\ub294 \uc0c1\ud488)\uc5d0\uc11c\ub294 \uc62c\ud574 3\ubd84\uae30 \uc774\uc804 \uae08\ub9ac \uc778\ud558 \uae30\ub300\uac00 \ub354 \uc904\uc5b4\ub4e4 \uc218 \uc788\ub2e4.\n\n\uc774\ubc88 \uac15\uc138\ub294 \uc8fc\uc694 \uc218\ucd9c \ud488\ubaa9 \uac00\uaca9 \ud68c\ubcf5, \ud2b9\ud788 \uc720\uc81c\ud488 \uac00\uaca9 \uc0c1\uc2b9\uc758 \uc601\ud5a5\uc73c\ub85c \ubcf4\uc778\ub2e4. 2026\ub144 2\uc6d4 \uae00\ub85c\ubc8c \uc720\uc81c\ud488 \uacbd\ub9e4(Global Dairy Trade, \uc720\uc81c\ud488\uc744 \uad6d\uc81c \uacbd\ub9e4\ub85c \uac70\ub798\ud558\ub294 \uc9c0\ud45c\/\ud589\uc0ac)\uc5d0\uc11c \uac00\uaca9\uc774 5% \uc774\uc0c1 \uc624\ub978 \uc0ac\ub840\uac00 \uc788\ub2e4. 2024\ub144 \ube44\uc2b7\ud55c \uc2dc\uae30\uc5d0\ub3c4 \uad50\uc5ed\uc870\uac74\uc774 \uc624\ub974\uba74 NZD\uac00 \ud638\uc8fc \ub2ec\ub7ec(AUD) \ub300\ube44 \uac15\uc138\ub97c \ubcf4\uc778 \ud750\ub984\uc774 \uc788\uc5c8\ub2e4. \ud5a5\ud6c4 \uba87 \uc8fc \ub3d9\uc548 NZD\/AUD \ub9e4\uc218 \ud3ec\uc9c0\uc158\uc774 \uc120\ud0dd\uc9c0\uac00 \ub420 \uc218 \uc788\uc73c\uba70, \ucf5c\uc635\uc158(call option, \uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \uc0b4 \uc218 \uc788\ub294 \uad8c\ub9ac)\uc744 \ud65c\uc6a9\ud558\uba74 \uc190\uc2e4 \uc704\ud5d8\uc744 \uc81c\ud55c\ud560 \uc218 \uc788\ub2e4.\n\n\uc774 \uc815\ub3c4\uc758 \uc608\uc0c1 \ubc16 \uacb0\uacfc\ub77c\uba74 NZD \uc635\uc158\uc758 \ub0b4\uc7ac\ubcc0\ub3d9\uc131(implied volatility, \uc635\uc158 \uac00\uaca9\uc5d0 \ubc18\uc601\ub41c \u2018\uc55e\uc73c\ub85c\uc758 \ubcc0\ub3d9\uc131 \uc608\uc0c1\uce58\u2019)\uc774 \uc624\ub97c \uc218 \uc788\ub2e4. \uc774\ubc88 \uc804\ub9dd \uc624\ucc28\ub294 2023~2024\ub144 \ud32c\ub370\ubbf9 \uc774\ud6c4 \ud68c\ubcf5\uae30 \uc774\ud6c4\ub85c \ud070 \ud3b8\uc5d0 \uc18d\ud55c\ub2e4. \uc774\uc5d0 \ub530\ub77c \ud558\ub77d \ubcf4\ud638(\uac00\uaca9 \ud558\ub77d\uc5d0 \ub300\ube44\ud558\ub294 \uac70\ub798)\ub97c \ud30c\ub294 \uc804\ub7b5\ub3c4 \uace0\ub824\ub420 \uc218 \uc788\ub2e4. \uc608\ub97c \ub4e4\uc5b4 \uc678\uac00\uaca9(out-of-the-money, \uc9c0\uae08 \uac00\uaca9\ubcf4\ub2e4 \ubd88\ub9ac\ud55c \ud589\uc0ac\uac00\uaca9\uc758) NZD\/USD \ud48b\uc635\uc158(put option, \uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \ud314 \uc218 \uc788\ub294 \uad8c\ub9ac)\uc744 \ud314\uc544 \ub354 \ub192\uc740 \ud504\ub9ac\ubbf8\uc5c4(\uc635\uc158\uc744 \uc0ac\uace0\ud30c\ub294 \ub300\uac00\ub85c \ubc1b\ub294 \uae08\uc561)\uc744 \ubc1b\uc744 \uc218 \uc788\ub2e4. \uc774\ub294 NZD \uac15\uc138\ub77c\ub294 \uae30\ubcf8 \uc804\ub9dd\uacfc\ub3c4 \ubc29\ud5a5\uc774 \ub9de\ub294\ub2e4.\n\n

Positioning And Volatility Implications<\/h3>\n\n\n

VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c \uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

\ub274\uc9c8\ub79c\ub4dc \uad50\uc5ed\uc870\uac74\uc9c0\uc218\uac00 4\ubd84\uae30 3.7% \uae09\ub4f1\ud558\uba70 \uc608\uc0c1(-0.7%)\uc744 \ub4a4\uc9d1\uc5c8\uc2b5\ub2c8\ub2e4. \uc218\ucd9c\uac00\uaca9\/\uc218\uc785\uac00\uaca9 \ube44\uc728 \uac1c\uc120\uc73c\ub85c NZD \uac15\uc138\u00b7\uae08\ub9ac \uc778\ud558 \uc9c0\uc5f0 \uae30\ub300, \uc720\uc81c\ud488 \uac00\uaca9 \ud68c\ubcf5\uacfc \ubcc0\ub3d9\uc131 \ud655\ub300\uac00 \uc8fc\ubaa9\ub429\ub2c8\ub2e4. – vtmarkets.com<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-39526","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/39526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=39526"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/39526\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=39526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=39526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=39526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}