{"id":46501,"date":"2026-05-08T17:26:50","date_gmt":"2026-05-08T17:26:50","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%ec%b2%b4%ec%bd%94-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89-%eb%b9%84%eb%91%98%ea%b8%b0%ed%8c%8c%ec%a0%81-%eb%8f%99%ea%b2%b0%ed%8f%b4%eb%9e%80%eb%93%9c-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89\/"},"modified":"2026-05-08T17:26:50","modified_gmt":"2026-05-08T17:26:50","slug":"%ec%b2%b4%ec%bd%94-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89-%eb%b9%84%eb%91%98%ea%b8%b0%ed%8c%8c%ec%a0%81-%eb%8f%99%ea%b2%b0%ed%8f%b4%eb%9e%80%eb%93%9c-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%ec%b2%b4%ec%bd%94-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89-%eb%b9%84%eb%91%98%ea%b8%b0%ed%8c%8c%ec%a0%81-%eb%8f%99%ea%b2%b0%ed%8f%b4%eb%9e%80%eb%93%9c-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89\/","title":{"rendered":"\uccb4\ucf54 \uc911\uc559\uc740\ud589, \ube44\ub458\uae30\ud30c\uc801 \ub3d9\uacb0\u2026\ud3f4\ub780\ub4dc \uc911\uc559\uc740\ud589\uc740 \uc778\ud50c\ub808\uc774\uc158 \uc704\ud5d8 \uacbd\uace0\uc5d0 \uccb4\ucf54 \ucf54\ub8e8\ub098\u00b7\ud3f4\ub780\ub4dc \uc990\ub85c\ud2f0 \ud6a1\ubcf4"},"content":{"rendered":"

\uccb4\ucf54\uc911\uc559\uc740\ud589(CNB)\uacfc \ud3f4\ub780\ub4dc\uc911\uc559\uc740\ud589(NBP)\uc740 \ubaa8\ub450 \uae30\uc900\uae08\ub9ac(\uc911\uc559\uc740\ud589\uc774 \uc815\ud558\ub294 \ub300\ud45c \uc815\ucc45\uae08\ub9ac)\ub97c \uac01\uac01 3.50%, 3.75%\ub85c \ub3d9\uacb0\ud588\ub2e4. \ub2e4\ub9cc \uc2dc\uc7a5\uc5d0 \uc804\ub2ec\ud55c \uba54\uc2dc\uc9c0\ub294 \uc704\ud5d8 \uc694\uc778(\ubb3c\uac00\uac00 \uc624\ub97c \uc704\ud5d8\uacfc \uacbd\uae30 \ub454\ud654 \uc704\ud5d8)\uc744 \ubc14\ub77c\ubcf4\ub294 \uade0\ud615\uc774 \ub2ec\ub790\ub2e4.<\/p>\n

\uccb4\ucf54\uc5d0\uc11c\ub294 \uc54c\ub808\uc2dc \ubbf8\ud758(Ale\u0161 Michl) \ucd1d\uc7ac\uac00 \u2018\uad00\ub9dd\u2019 \uae30\uc870(\ub2f9\ubd84\uac04 \uc0c1\ud669\uc744 \uc9c0\ucf1c\ubcf4\uba70 \uacb0\uc815\uc744 \ubbf8\ub8e8\ub294 \ud0dc\ub3c4)\ub97c \uac15\uc870\ud558\uba70 \ud604\uc7ac \uc815\ucc45\uc774 \uc774\ubbf8 \ucda9\ubd84\ud788 \uae34\ucd95\uc801(\uae08\ub9ac\ub97c \ub192\uc5ec \ubb3c\uac00\ub97c \uc7a1\ub294 \ubc29\ud5a5)\uc774\ub77c\uace0 \ubc1d\ud614\ub2e4. CNB\ub294 \uacf5\uae09 \uce21 \uc694\uc778(\uc6d0\uc790\uc7ac\u00b7\uc5d0\ub108\uc9c0\u00b7\ubb3c\ub958 \ub4f1 \ube44\uc6a9 \ubcc0\ud654) \ub54c\ubb38\uc5d0 \uc0dd\uae30\ub294 \ub2e8\uae30 \ubb3c\uac00 \uc555\ub825\uc740 \uc77c\uc2dc\uc801\uc77c \uc218 \uc788\uc5b4, \ub2f9\uc7a5 \uc815\ucc45\uc73c\ub85c \uac15\ud558\uac8c \ub300\uc751\ud558\uc9c0 \uc54a\uace0 \u2018\ub118\uc5b4\uac08\u2019 \uc218 \uc788\ub2e4\ub294 \uc2e0\ud638\ub97c \ubcf4\ub0c8\ub2e4.<\/p>\n

Policy Signals And Inflation Risks<\/h3>\n

\ud3f4\ub780\ub4dc\uc5d0\uc11c\ub294 \uc544\ub2f4 \uae00\ub77c\ud540\uc2a4\ud0a4(Adam Glapi\u0144ski) \ucd1d\uc7ac\uac00 \uc62c\ud574 \ud558\ubc18\uae30 \ubb3c\uac00 \uc0c1\uc2b9 \uc704\ud5d8\uc774 \ub354 \ucee4\uc84c\ub2e4\uace0 \uc5b8\uae09\ud588\ub2e4. \uadf8\ub294 \uc5d0\ub108\uc9c0 \ubcf4\uc870\uae08 \uc885\ub8cc\uc640 \uc2dd\ud488 \ubd80\uac00\uac00\uce58\uc138(VAT\u00b7\uc18c\ube44 \ub2e8\uacc4\uc5d0\uc11c \ubd99\ub294 \uc138\uae08) \uc7ac\ubd80\uacfc\uac00 \ub2e4\uc2dc \ubb3c\uac00\ub97c \ubc00\uc5b4\uc62c\ub9b4 \uc218 \uc788\ub294 \uc694\uc778\uc774\ub77c\uace0 \uc9c0\ubaa9\ud588\ub2e4.<\/p>\n

\ucd5c\uadfc \uc911\u00b7\ub3d9\uc720\ub7fd \uc678\ud658\uc2dc\uc7a5\uc758 \uc548\uc815\uc740 \uae00\ub85c\ubc8c \ud22c\uc790\uc2ec\ub9ac \uac1c\uc120\uacfc \uc5f0\uad00\ub3fc \uc654\ub2e4. \ub69c\ub837\ud55c \u2018\ub9e4\ud30c\u2019(\ubb3c\uac00 \uc5b5\uc81c\ub97c \uc704\ud574 \uae08\ub9ac\ub97c \ub354 \uc62c\ub9ac\ub824\ub294 \uc131\ud5a5) \uc7ac\ub8cc\uac00 \uc5c6\ub294 \ub9cc\ud07c, \ucd94\uac00\uc801\uc778 \ud1b5\ud654 \uac15\uc138\ub294 \uc81c\ud55c\uc801\uc77c \uc218 \uc788\uc5b4 \uae08\ub9ac\uc640 \ud658\uc728\uc774 \ub2f9\ubd84\uac04 \ud604\uc7ac \ubc94\uc704 \uadfc\ucc98\uc5d0\uc11c \uc6c0\uc9c1\uc77c \uac00\ub2a5\uc131\uc774 \ud06c\ub2e4.<\/p>\n

\uccb4\ucf54\uc758 \uacbd\uc6b0 \uac00\uc774\ub358\uc2a4(\uc911\uc559\uc740\ud589\uc774 \ud5a5\ud6c4 \uc815\ucc45 \ubc29\ud5a5\uc5d0 \ub300\ud574 \uc8fc\ub294 \uc2e0\ud638)\ub294 \ucd94\uac00 \uae34\ucd95 \uc5ec\uc9c0\uac00 \ud06c\uc9c0 \uc54a\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4. \uadf8\ub7fc\uc5d0\ub3c4 \uc2dc\uc7a5\uc758 \uae08\ub9ac \uae30\ub300\ub294 \uc5ec\uc804\ud788 \ub192\uac8c \ub0a8\uc544 \uc788\ub2e4. \ud3f4\ub780\ub4dc\uc5d0\uc11c\ub294 \uae08\ub9ac \uc778\ud558(\uc644\ud654) \uc804\ub9dd\uc774 \uc57d\ud574\uc9c0\uace0 \u2018\ub3d9\uacb0 \uc7a5\uae30\ud654\u2019 \ucabd\uc73c\ub85c \ucd08\uc810\uc774 \uc62e\uaca8\uc84c\uc73c\uba70, \ucd94\uac00 \uc778\uc0c1 \uc5ec\ubd80\ub294 \ubb3c\uac00\uac00 \uacc4\uc18d \ub192\uac8c \uc720\uc9c0\ub418\ub294\uc9c0(\ubb3c\uac00\uc758 \u2018\ub048\uc801\ud568\u2019, \uc989 \uc27d\uac8c \ub0b4\ub824\uc624\uc9c0 \uc54a\ub294 \ud604\uc0c1)\uc5d0 \ub2ec\ub824 \uc788\ub2e4.<\/p>\n

\ud5a5\ud6c4 \uc218\uc8fc \ub3d9\uc548 \uccb4\ucf54\u00b7\ud3f4\ub780\ub4dc \uc911\uc559\uc740\ud589\uc758 \uc5c7\uac08\ub9b0 \uba54\uc2dc\uc9c0\ub294 \ud658\uc728\uc774 \ubc15\uc2a4\uad8c(\uc77c\uc815 \ubc94\uc704 \uc548\uc5d0\uc11c \uc624\ub974\ub0b4\ub9ac\ub294 \ud750\ub984)\uc5d0 \uba38\ubb3c \uac00\ub2a5\uc131\uc744 \uc2dc\uc0ac\ud55c\ub2e4. \uccb4\ucf54\uc911\uc559\uc740\ud589\uc740 \uc644\ud654\uc801\uc73c\ub85c \ub4e4\ub9ac\uace0, \ud3f4\ub780\ub4dc\uc911\uc559\uc740\ud589\uc740 \uc2e0\uc911\ud55c \ud0dc\ub3c4\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc5b4 \uc5b4\ub290 \ud1b5\ud654\uc5d0\ub3c4 \uac15\ud55c \uc0c1\uc2b9 \uc2e0\ud638\ub294 \ub69c\ub837\ud558\uc9c0 \uc54a\ub2e4. \uc774\ub7f0 \ud658\uacbd\uc5d0\uc11c\ub294 \ubcc0\ub3d9\uc131 \ub9e4\ub3c4(\uc635\uc158 \ub4f1 \ud30c\uc0dd\uc0c1\ud488\uc744 \ud65c\uc6a9\ud574 \uac00\uaca9 \ubcc0\ub3d9 \ud3ed\uc774 \ud06c\uc9c0 \uc54a\uc744 \ub54c \uc218\uc775\uc744 \ub178\ub9ac\ub294 \uc804\ub7b5)\uac00 \uc720\ud6a8\ud560 \uc218 \uc788\ub2e4.<\/p>\n

\uccb4\ucf54 \ucf54\ub8e8\ub098\uc758 \uacbd\uc6b0 \uc911\uc559\uc740\ud589\uc774 \ub2e8\uae30 \ubb3c\uac00 \uc0c1\uc2b9\uc744 \u2018\uc77c\uc2dc\uc801\u2019\uc73c\ub85c \ubcf4\uace0 \ub118\uc5b4\uac00\ub824\ub294 \ud0dc\ub3c4\ub294 \uc0c1\uc2b9 \uc5ec\ub825\uc744 \uc81c\ud55c\ud55c\ub2e4. \ucd5c\uadfc \uc790\ub8cc\uc5d0\uc11c 2026\ub144 4\uc6d4 \uc778\ud50c\ub808\uc774\uc158(\ubb3c\uac00\uc0c1\uc2b9\ub960)\uc774 3.1%\ub85c \ub098\ud0c0\ub09c \uc810\uc740 \uad00\ub9dd \uae30\uc870\ub97c \ub4b7\ubc1b\uce68\ud55c\ub2e4. 2025\ub144 \uace0\uc810\ubcf4\ub2e4\ub294 \ub0ae\uc544\uc84c\uc9c0\ub9cc \uc5ec\uc804\ud788 \ubaa9\ud45c\uce58\ubcf4\ub2e4 \ub192\uae30 \ub54c\ubb38\uc774\ub2e4. (\uc720\ub85c\/\ucf54\ub8e8\ub098) \ud658\uc728\uc774 \uc548\uc815\uc801\uc77c \uac83\uc5d0 \ubca0\ud305\ud558\uae30 \uc704\ud574 \uc635\uc158(\ud2b9\uc815 \uac00\uaca9\uc5d0 \uc0ac\uace0\ud314 \uad8c\ub9ac\ub97c \uac70\ub798\ud558\ub294 \ud30c\uc0dd\uc0c1\ud488)\uc744 \ud65c\uc6a9\ud558\ub294 \ubc29\uc548\uc744 \uace0\ub824\ud560 \uc218 \uc788\uc73c\uba70, 24.70~25.00 \ubc94\uc704\uc5d0\uc11c \uac70\ub798\ub420 \uac00\ub2a5\uc131\uc744 \uc5fc\ub450\uc5d0 \ub458 \uc218 \uc788\ub2e4.<\/p>\n

Trade Ideas And Range Bound FX<\/h3>\n

\ubc18\ub300\ub85c \ud3f4\ub780\ub4dc \uc990\ub85c\ud2f0\ub294 \ubb3c\uac00 \uc7ac\uc0c1\uc2b9\uc5d0 \ub300\ud55c \uc911\uc559\uc740\ud589\uc758 \uacbd\uacc4\uac10 \ub355\ubd84\uc5d0 \uc9c0\uc9c0\ub825\uc774 \ub354 \uc788\uc744 \uc218 \uc788\ub2e4. \ud3f4\ub780\ub4dc\uc758 4\uc6d4 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218(CPI\u00b7\uac00\uacc4\uac00 \uc2e4\uc81c\ub85c \uad6c\ub9e4\ud558\ub294 \uc0c1\ud488\u00b7\uc11c\ube44\uc2a4 \uac00\uaca9\uc758 \ud3c9\uade0 \ubcc0\ud654\ub97c \ubcf4\uc5ec\uc8fc\ub294 \uc9c0\ud45c)\uac00 4.5%\ub85c \uc0c1\uc2b9\ud55c \uac83\uc740 \uc815\ubd80 \ubcf4\uc870\uae08 \ucd95\uc18c\uc640 \ub9de\ubb3c\ub9b0 \uacb0\uacfc\ub85c \ud574\uc11d\ub418\uba70, \uc774\ub7f0 \uc810\uc740 \uc911\uc559\uc740\ud589\uc758 \uc2e0\uc911\ud55c \ud0dc\ub3c4\ub97c \uc124\ub4dd\ub825 \uc788\uac8c \ub9cc\ub4e0\ub2e4. \uc774\ub294 \ub2e8\uae30\uc801\uc73c\ub85c \uc990\ub85c\ud2f0\uac00 \ucf54\ub8e8\ub098\ubcf4\ub2e4 \ub354 \uacac\uc870\ud560 \uc218 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4.<\/p>\n

\uc774\ub7f0 \ub300\ube44\ub97c \uace0\ub824\ud558\uba74 \uc0c1\ub300\uac00\uce58 \uac70\ub798(\ub450 \uc790\uc0b0\uc758 \uc0c1\ub300\uc801 \uac15\uc57d\uc5d0 \ubca0\ud305\ud558\ub294 \uc804\ub7b5)\uac00 \uc801\uc808\ud558\ub2e4. \uccb4\ucf54 \ucf54\ub8e8\ub098 \ub300\ube44 \ud3f4\ub780\ub4dc \uc990\ub85c\ud2f0 \ub9e4\uc218(PLN \ub871\/CZK \uc20f) \ud3ec\uc9c0\uc158\uc744 \uad6c\uc131\ud574 \uc815\ucc45 \uc131\ud5a5 \ucc28\uc774\ub97c \ud65c\uc6a9\ud560 \uc218 \uc788\ub2e4. \uc774 \uac70\ub798\ub294 \uae00\ub85c\ubc8c \uc704\ud5d8\uc120\ud638(\ud22c\uc790\uc790\ub4e4\uc774 \uc704\ud5d8\uc790\uc0b0\uc744 \uc120\ud638\ud558\ub294 \ubd84\uc704\uae30) \ubc29\ud5a5\uc744 \ub2e8\uc815\ud558\uc9c0 \uc54a\uace0\ub3c4 \uc815\ucc45 \ucc28\uc774\uc5d0\uc11c \uc218\uc775\uc744 \ub178\ub9b0\ub2e4\ub294 \uc7a5\uc810\uc774 \uc788\ub2e4. \ud2b9\ud788 2025\ub144\uc5d0 \uae00\ub85c\ubc8c \uc2ec\ub9ac\uac00 \ud070 \ubcc0\ub3d9\uc131\uc744 \ub9cc\ub4e4\uc5c8\ub358 \uc810\uc744 \uac10\uc548\ud560 \ub9cc\ud558\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"

\uccb4\ucf54\u00b7\ud3f4\ub780\ub4dc, \uae08\ub9ac \ub3d9\uacb0\uc5d0\ub3c4 \u2018\ud1a4\u2019\uc774 \uac08\ub838\ub2e4. CNB\ub294 \uc77c\uc2dc\uc801 \ubb3c\uac00\ub85c \uad00\ub9dd \uc2dc\uc0ac, NBP\ub294 \ubcf4\uc870\uae08 \uc885\ub8cc\u00b7VAT \uc7ac\ubd80\uacfc\ub85c \uc7ac\uc0c1\uc2b9 \uacbd\uacc4. \ud658\uc728 \ubc15\uc2a4\uad8c \uc18d PLN \uac15\uc138\u00b7CZK \uc81c\ud55c, PLN\ub871\/CZK\uc20f \uc8fc\ubaa9.<\/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-46501","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\/46501","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=46501"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/46501\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=46501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=46501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=46501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}