{"id":45770,"date":"2026-04-29T10:22:04","date_gmt":"2026-04-29T10:22:04","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/bny%ec%9d%98-%ec%a0%9c%ed%94%84-%ec%9c%a0-%eb%8b%ac%eb%9f%ac-%ea%b0%95%ec%84%b8-%ea%b5%90%ec%97%ad%ec%a1%b0%ea%b1%b4-%ea%b0%9c%ec%84%a0%ea%b3%bc-%eb%ac%b4%ec%97%ad%ea%b0%80%ec%a4%91\/"},"modified":"2026-04-29T10:22:04","modified_gmt":"2026-04-29T10:22:04","slug":"bny%ec%9d%98-%ec%a0%9c%ed%94%84-%ec%9c%a0-%eb%8b%ac%eb%9f%ac-%ea%b0%95%ec%84%b8-%ea%b5%90%ec%97%ad%ec%a1%b0%ea%b1%b4-%ea%b0%9c%ec%84%a0%ea%b3%bc-%eb%ac%b4%ec%97%ad%ea%b0%80%ec%a4%91","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/bny%ec%9d%98-%ec%a0%9c%ed%94%84-%ec%9c%a0-%eb%8b%ac%eb%9f%ac-%ea%b0%95%ec%84%b8-%ea%b5%90%ec%97%ad%ec%a1%b0%ea%b1%b4-%ea%b0%9c%ec%84%a0%ea%b3%bc-%eb%ac%b4%ec%97%ad%ea%b0%80%ec%a4%91\/","title":{"rendered":"BNY\uc758 \uc81c\ud504 \uc720 \u201c\ub2ec\ub7ec \uac15\uc138, \uad50\uc5ed\uc870\uac74 \uac1c\uc120\uacfc \ubb34\uc5ed\uac00\uc911 \ubcf4\uc720\ube44\uc911 \ub355\u2026\ub9ac\ubc38\ub7f0\uc2f1 \ub530\ub978 \ud558\ub77d \uc5ec\uc9c0 \uc81c\ud55c\u201d"},"content":{"rendered":"<p>\uc774 \ubcf4\uace0\uc11c\ub294 \ucd5c\uadfc \ubbf8 \ub2ec\ub7ec \uac15\uc138\uac00 **\uad50\uc5ed\uc870\uac74(terms of trade: \uc218\ucd9c \uac00\uaca9 \ub300\ube44 \uc218\uc785 \uac00\uaca9\uc758 \ube44\uc728\uc774 \uac1c\uc120\ub3fc \ud55c \ub098\ub77c\uc758 \ub300\uc678 \uac70\ub798 \uc5ec\uac74\uc774 \uc88b\uc544\uc9c0\ub294 \ud604\uc0c1) \uac1c\uc120\uc5d0 \ub530\ub978 \uae0d\uc815\uc801 \ucda9\uaca9**\uacfc, \uc774\ubbf8 \ub192\uc740 \uc218\uc900\uc758 **\ubb34\uc5ed\uac00\uc911 \uae30\uc900 \ub2ec\ub7ec \ubcf4\uc720(trade-weighted USD holdings: \uad50\uc5ed \ube44\uc911\uc744 \ubc18\uc601\ud574 \uacc4\uc0b0\ud55c \ub2ec\ub7ec \ubcf4\uc720\u00b7\ub178\ucd9c \uaddc\ubaa8)**\uac00 \ub9de\ubb3c\ub9b0 \uacb0\uacfc\ub77c\uace0 \ubcf8\ub2e4. \ub2ec\ub7ec \ubcf4\uc720\uac00 \uc774\ubbf8 \ub9ce\uc740 \ub9cc\ud07c **\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ub9ac\ubc38\ub7f0\uc2f1(portfolio rebalancing: \uc790\uc0b0 \ube44\uc911\uc744 \ubaa9\ud45c \uc218\uc900\uc73c\ub85c \ub418\ub3cc\ub9ac\ub294 \ub9e4\ub9e4)** \ud544\uc694\uac00 \uc904\uc5b4, \ud604 \uad6c\uac04\uc5d0\uc11c **\uae30\uc220\uc801 \ub9e4\ub3c4 \uc555\ub825(technical selling pressure: \ucc28\ud2b8\u00b7\uc218\uae09 \uc2e0\ud638\uc5d0 \ub530\ub978 \ub9e4\ub3c4)**\ub9cc\uc73c\ub85c \ub2ec\ub7ec\ub97c \uc758\ubbf8 \uc788\uac8c \ub04c\uc5b4\ub0b4\ub9ac\uae30 \uc5b4\ub835\ub2e4\ub294 \ud310\ub2e8\uc774\ub2e4.<\/p>\n<p>\ub610\ud55c \ubbf8 \ub2ec\ub7ec\ub294 \uc624\ub298 **\uc5f0\ubc29\uacf5\uac1c\uc2dc\uc7a5\uc704\uc6d0\ud68c(FOMC: \ubbf8\uad6d \uc911\uc559\uc740\ud589\uc778 \uc5f0\uc900\uc758 \ud1b5\ud654\uc815\ucc45 \uacb0\uc815 \ud68c\uc758)** \uacb0\uc815\uc5d0 \uacb0\uc815\uc801 \ubcc0\uc218\ub85c \uc791\uc6a9\ud560 \uac00\ub2a5\uc131\uc774 \ub0ae\ub2e4\uace0 \ubcf8\ub2e4. \ub3d9\uc2dc\uc5d0 \ucd5c\uadfc 2\uac1c\uc6d4\uc744 **\uae08\uc735\uc5ec\uac74 \uc644\ud654(net easing in financial conditions: \uae08\ub9ac\u00b7\uc2e0\uc6a9\uc2a4\ud504\ub808\ub4dc\u00b7\ub2ec\ub7ec \uc720\ub3d9\uc131 \ub4f1 \uc790\uae08\uc870\ub2ec \ud658\uacbd\uc774 \uc804\ubc18\uc801\uc73c\ub85c \ub290\uc2a8\ud574\uc9c4 \uc0c1\ud0dc)**\ub85c \ud3c9\uac00\ud558\ub294\ub370, \uc774\ub294 \uac08\ub4f1(\uc9c0\uc815\ud559\uc801 \uc704\ud5d8) \ud655\ub300\uac00 **\ub2ec\ub7ec \uc720\ub3d9\uc131(USD liquidity: \ub2ec\ub7ec\ub85c \uc989\uc2dc \uacb0\uc81c\u00b7\uc870\ub2ec\ud560 \uc218 \uc788\ub294 \uc790\uae08)** \uc218\uc694\ub97c \ud0a4\uc6e0\uae30 \ub54c\ubb38\uc774\ub77c\ub294 \uc124\uba85\uc774\ub2e4.<\/p>\n<h3>\uad50\uc5ed\uc870\uac74\uacfc \ud3ec\uc9c0\uc154\ub2dd<\/h3>\n<p>\ubcf4\uace0\uc11c\ub294 \uc55e\uc11c \uc81c\uae30\ub410\ub358 \ubbf8\uad6d\uc758 \uacbd\uc7c1\ub825 \uc6b0\ub824\uac00 \ub2e8\uae30\uc801\uc73c\ub85c \uc644\ud654\ub410\ub2e4\uace0 \ubcf8\ub2e4. \uad50\uc5ed\uc870\uac74 \uac1c\uc120\uc774 \ubbf8\uad6d\uc758 **\ub300\uc678 \ud3ec\uc9c0\uc158(external position: \uacbd\uc0c1\uc218\uc9c0\u00b7\ub300\uc678\uc790\uc0b0\/\ubd80\ucc44 \ub4f1 \ub300\uc678 \uac74\uc804\uc131)**\uc744 \uc88b\uac8c \ub9cc\ub4e4\uae30 \ub54c\ubb38\uc774\ub2e4. \ub2e4\ub9cc \ub2ec\ub7ec\uc5d0\uc11c \uc77c\ubd80 \uc790\uae08\uc774 \ube60\uc838\ub098\uac00 **\uce90\ub098\ub2e4\ub2ec\ub7ec, \uc911\uad6d \uc704\uc548\ud654** \ub4f1 \ub300\uccb4 \ud1b5\ud654\ub85c \uc62e\uaca8\uac00\ub294 \ud750\ub984\uc740 \uc77c\ubd80 \uc778\uc815\ud55c\ub2e4.<\/p>\n<p>\uc774\ub7f0 \uc0c1\uc1c4 \uc694\uc778\uc774 \uc788\ub354\ub77c\ub3c4, \uc720\ub85c\u00b7\uc5d4\u00b7\uba55\uc2dc\ucf54 \ud398\uc18c \ub300\ube44 \ub2ec\ub7ec\uc758 \uac15\ud55c \uc131\uacfc\uac00 \ubb34\uc5ed\uac00\uc911 \uae30\uc900 \ub2ec\ub7ec \ubcf4\uc720\ub97c \ub192\uc740 \uc218\uc900\uc73c\ub85c \uc720\uc9c0\uc2dc\ud0a4\uace0 \uc788\ub2e4\ub294 \ud3c9\uac00\ub2e4. \ub2e4\ub9cc \uadf8 \uc218\uc900\uc774 \uadf9\ub2e8\uc801\uc774\uc9c4 \uc54a\uc544, \ub2ec\ub7ec \uc57d\uc138\ub97c \ub9cc\ub4e4 **\ub300\uaddc\ubaa8 \ud558\ubc29 \ub9ac\ubc38\ub7f0\uc2f1(\ub2ec\ub7ec \ube44\uc911\uc744 \ud06c\uac8c \uc904\uc774\ub294 \uc7ac\uc870\uc815) \uc790\uae08 \ud750\ub984**\uc744 \ucd09\ubc1c\ud560 \uc815\ub3c4\ub294 \uc544\ub2c8\ub77c\ub294 \ud310\ub2e8\uc774\ub2e4.<\/p>\n<p>\ud2b8\ub808\uc774\ub529 \uad00\uc810\uc5d0\uc11c\uc758 \ud575\uc2ec \uba54\uc2dc\uc9c0\ub294 \ub2ec\ub7ec\uc758 \ubc29\ud5a5\uc131\uc774 \uc5ec\uc804\ud788 \uc6b0\ud638\uc801\uc774\uba70, \ub2e8\uae30 \ubc18\uc804\uc744 \ub178\ub9ac\uae30\ubcf4\ub2e4 **\ucd94\uac00 \uc0c1\uc2b9\uc5d0 \ub9de\ucd98 \uc804\ub7b5**\uc774 \ub354 \ud569\ub9ac\uc801\uc77c \uc218 \uc788\ub2e4\ub294 \uac83\uc774\ub2e4(\uc608: **DXY \ucf5c\uc635\uc158(call options: \ud2b9\uc815 \uac00\uaca9\uc5d0 \uc0b4 \uc218 \uc788\ub294 \uad8c\ub9ac, \uc0c1\uc2b9\uc5d0 \ubca0\ud305)**). \uadfc\uac70\ub85c\ub294 **\uc815\ucc45 \ucc28\ubcc4\ud654(policy divergence: \uad6d\uac00\ubcc4 \ud1b5\ud654\uc815\ucc45 \ubc29\ud5a5\uc774 \ub2ec\ub77c\uc9c0\ub294 \ud604\uc0c1)**\ub97c \ub4e4\uba70, 2026\ub144 1\ubd84\uae30 \ubbf8\uad6d GDP \uc131\uc7a5\ub960 2.8%\uc640 **\ub048\uc801\ud55c \uadfc\uc6d0 \ubb3c\uac00(sticky core inflation: \uc5d0\ub108\uc9c0\u00b7\uc2dd\ud488\uc744 \ube80 \ubb3c\uac00\uac00 \uc27d\uac8c \ub0b4\ub824\uc624\uc9c0 \uc54a\ub294 \uc0c1\ud0dc)**\uac00 \uc5f0\uc900\uc758 \uae08\ub9ac \uc778\ud558 \uc720\uc778\uc744 \ub0ae\ucd98\ub2e4\uace0 \uc124\uba85\ud55c\ub2e4.<\/p>\n<h3>\uc0c1\ub300\uac00\uce58 \ud2b8\ub808\uc774\ub4dc \uc124\uc815<\/h3>\n<p>\uc0c1\ub300\uac00\uce58 \uad00\uc810\uc5d0\uc11c\ub294 \uc720\ub85c\ub97c \ub2ec\ub7ec \ub300\ube44 \u2018\uc870\ub2ec \ud1b5\ud654\u2019\ub85c \ud65c\uc6a9\ud55c \uc20f\uc774 \ud569\ub9ac\uc801\uc774\ub77c\uace0 \uc81c\uc2dc\ud55c\ub2e4. \uc608\ub97c \ub4e4\uc5b4 **EUR\/USD \ucf5c \uc2a4\ud504\ub808\ub4dc \ub9e4\ub3c4(selling EUR\/USD call spreads: \ud589\uc0ac\uac00\uac00 \ub2e4\ub978 \ub450 \ucf5c\uc635\uc158\uc744 \uc870\ud569\ud574 \uc0c1\uc2b9\uc744 \uc81c\ud55c\uc801\uc73c\ub85c \ubca0\ud305\ud558\ub294 \uad6c\uc870)**\ucc98\ub7fc **\uc190\uc2e4\uc744 \uad6c\uc870\uc801\uc73c\ub85c \uc81c\ud55c\ud558\ub294 \uac70\ub798(defined-risk: \ucd5c\ub300 \uc190\uc2e4\uc774 \uc0ac\uc804\uc5d0 \uc815\ud574\uc9c4 \uc804\ub7b5)**\uac00 \uac70\ub860\ub41c\ub2e4. \ub17c\ub9ac\ub294 \uc720\ub85c\uc874 \uc9c0\ud45c \uc57d\uc138(\ub3c5\uc77c IFO 98.5)\uc640 **ECB(\uc720\ub7fd\uc911\uc559\uc740\ud589)**\uac00 2026\ub144 7\uc6d4\uae4c\uc9c0 \uae08\ub9ac \uc778\ud558 \uac00\ub2a5\uc131\uc744 \uc2dc\uc0ac\ud558\ub294 \ubc18\uba74, \uc5f0\uc900\uc740 **\ub9e4\ud30c\uc801 \ub3d9\uacb0(hawkish hold: \uc778\ud558 \uc758\uc9c0 \uc5c6\uc774 \uac15\uacbd\ud55c \ud0dc\ub3c4\ub85c \uae08\ub9ac\ub97c \uc720\uc9c0)**\uc744 \ud560 \uc218 \uc788\ub2e4\ub294 \ub300\ube44\uc5d0 \uae30\ub300\uace0 \uc788\ub2e4.<\/p>\n<p>\uc5d4\ud654\ub294 \ud2b9\ud788 \ucde8\uc57d\ud558\ub2e4\uace0 \ubcf4\uba70, \uc704\ud5d8\uc744 \ub354 \uac10\uc218\ud560 \uc218 \uc788\ub2e4\uba74 **USD\/JPY \ub871(\ub2ec\ub7ec\/\uc5d4 \uc0c1\uc2b9 \ubca0\ud305)**\uc774 \ub9e4\ub825\uc801\uc774\ub77c\ub294 \ud3c9\uac00\ub2e4. **\uc77c\ubcf8\uc740\ud589(BOJ)**\uc774 \ucd08\uc644\ud654 \uae30\uc870\uc640 \uc0ac\uc2e4\uc0c1 \uc81c\ub85c\uae08\ub9ac\ub97c \uc720\uc9c0\ud558\uba74\uc11c **\ubbf8\u00b7\uc77c \uae08\ub9ac\ucc28(yield gap: \ub450 \ub098\ub77c \uad6d\ucc44\uae08\ub9ac \ucc28\uc774)**\uac00 \ud655\ub300\ub418\uae30 \ub54c\ubb38\uc774\ub2e4. \ub610\ud55c \uce90\ub098\ub2e4\ub2ec\ub7ec\ub294 \uc77c\ubd80 \uc9c0\uc9c0\ub97c \ubc1b\uc558\uc9c0\ub9cc(\uc11c\ubd80\ud14d\uc0ac\uc2a4\uc0b0\uc6d0\uc720 **WTI** 85\ub2ec\ub7ec \uc0c1\ud68c \uc601\ud5a5), \ub2e4\ub978 \ud1b5\ud654 \uc804\ubc18\uc758 \uc57d\uc138(\uba55\uc2dc\ucf54 \ud398\uc18c \ud3ec\ud568)\ub97c \uace0\ub824\ud558\uba74 \ud5a5\ud6c4 \uc218\uc8fc \ub0b4 \uc635\uc158\uc73c\ub85c \ub2ec\ub7ec \uae09\ub77d\uc5d0 \ubca0\ud305\ud558\ub294 \uac70\ub798\ub294 \uc131\uacf5 \ud655\ub960\uc774 \ub0ae\ub2e4\uace0 \uc9c0\uc801\ud55c\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ub2ec\ub7ec \uac15\uc138\ub294 \uad50\uc5ed\uc870\uac74 \uac1c\uc120\uc758 \ud638\uc7ac\uc640 \ub192\uc740 \ubb34\uc5ed\uac00\uc911 \ub2ec\ub7ec \ubcf4\uc720\uac00 \ub9de\ubb3c\ub9b0 \uacb0\uacfc. \uae30\uc220\uc801 \ub9e4\ub3c4\ub9cc\uc73c\ub860 \uc57d\uc138 \uc81c\ud55c. FOMC \uc601\ud5a5 \ubbf8\ubbf8, \uc815\ucc45\ucc28\ubcc4\ud654\ub85c \ucd94\uac00 \uc0c1\uc2b9\u00b7\uc5d4 \uc57d\uc138 \ubca0\ud305.<\/p>\n","protected":false},"author":87,"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-45770","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\/45770","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\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=45770"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/45770\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=45770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=45770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=45770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}