{"id":47357,"date":"2026-05-25T18:26:15","date_gmt":"2026-05-25T18:26:15","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%ed%97%9d%ea%b0%80%eb%a6%ac-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89-%ec%9c%a0%eb%a1%9c%ed%99%94-%ec%88%98%eb%a0%b4-%ea%b1%b0%eb%9e%98%ea%b0%80-%ed%8f%ac%eb%a6%b0%ed%8a%b8-%ec%ba%90%eb%a6%ac-%eb%a7%a4\/"},"modified":"2026-05-25T18:26:15","modified_gmt":"2026-05-25T18:26:15","slug":"%ed%97%9d%ea%b0%80%eb%a6%ac-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89-%ec%9c%a0%eb%a1%9c%ed%99%94-%ec%88%98%eb%a0%b4-%ea%b1%b0%eb%9e%98%ea%b0%80-%ed%8f%ac%eb%a6%b0%ed%8a%b8-%ec%ba%90%eb%a6%ac-%eb%a7%a4","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%ed%97%9d%ea%b0%80%eb%a6%ac-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89-%ec%9c%a0%eb%a1%9c%ed%99%94-%ec%88%98%eb%a0%b4-%ea%b1%b0%eb%9e%98%ea%b0%80-%ed%8f%ac%eb%a6%b0%ed%8a%b8-%ec%ba%90%eb%a6%ac-%eb%a7%a4\/","title":{"rendered":"\ud5dd\uac00\ub9ac \uc911\uc559\uc740\ud589, \uc720\ub85c\ud654 \uc218\ub834 \uac70\ub798\uac00 \ud3ec\ub9b0\ud2b8 \uce90\ub9ac \ub9e4\ub825 \ub4b7\ubc1b\uce68\ud558\ub294 \uac00\uc6b4\ub370 \uae08\ub9ac \ub3d9\uacb0\ud560 \ub4ef"},"content":{"rendered":"<p>\ube0c\ub77c\uc6b4 \ube0c\ub77c\ub354\uc2a4 \ud574\ub9ac\uba3c(Brown Brothers Harriman)\uc740 \ud5dd\uac00\ub9ac \uc911\uc559\uc740\ud589(MNB\u00b7Magyar Nemzeti Bank)\uc774 \uae30\uc900\uae08\ub9ac(\uc911\uc559\uc740\ud589\uc758 \uc815\ucc45\uae08\ub9ac)\ub97c 6.25%\ub85c \ub3d9\uacb0\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ud588\ub2e4. \uc774\ub294 3\ud68c \uc5f0\uc18d \uae08\ub9ac \ub3d9\uacb0\uc774 \ub41c\ub2e4. \uc774\ubc88 \uc804\ub9dd\uc740 MNB\uac00 \ub2e4\uc74c \ud1b5\ud654\uc815\ucc45 \uacb0\uc815\uc5d0\uc11c \uae30\uc874\uc758 \uae34\ucd95 \uae30\uc870(\uc778\ud50c\ub808\uc774\uc158\uc744 \uc5b5\uc81c\ud558\uae30 \uc704\ud574 \uae08\ub9ac \ub4f1\uc744 \ub192\uac8c \uc720\uc9c0\ud558\ub294 \ud0dc\ub3c4)\ub97c \uc720\uc9c0\ud560 \uac83\uc774\ub77c\ub294 \ud310\ub2e8\uc5d0 \uae30\ubc18\ud55c\ub2e4.<\/p>\n<p>\ubcf4\uace0\uc11c\ub294 \u2018\uc720\ub85c \uc218\ub834 \uac70\ub798(euro-convergence trade\u00b7\ud5dd\uac00\ub9ac\uac00 \uc720\ub85c\ud654 \ub3c4\uc785 \uae30\uc900\uc5d0 \uac00\uae4c\uc6cc\uc9c8\uc218\ub85d \ud1b5\ud654\uac00\uce58\uc640 \uc790\uc0b0\uc774 \uc9c0\uc9c0\ub97c \ubc1b\ub294\ub2e4\ub294 \uae30\ub300\uc5d0 \uae30\ub304 \uac70\ub798)\u2019\uac00 \ud5dd\uac00\ub9ac \ud3ec\ub9b0\ud2b8(HUF)\uc5d0 \uc6b0\ud638\uc801 \uc694\uc778\uc774\ub77c\uace0\ub3c4 \uc5b8\uae09\ud588\ub2e4. \ub610\ud55c \ud5dd\uac00\ub9ac \uc0c8 \uc815\ubd80\uac00 2030\ub144\uae4c\uc9c0 \uc720\ub85c \ub3c4\uc785 \uc870\uac74\uc744 \ucda9\uc871\ud558\uaca0\ub2e4\ub294 \uacc4\ud68d\uc744 \uc81c\uc2dc\ud558\uba74\uc11c, \ub2e8\uc77c\ud1b5\ud654(\uc720\ub85c)\uc640\uc758 \uc7a5\uae30\uc801 \uc815\ub82c\uc774 \uc815\ucc45 \ub0b4\ub7ec\ud2f0\ube0c\uc758 \ucd95\uc774 \ub418\uace0 \uc788\ub2e4\uace0 \uc124\uba85\ud588\ub2e4.<\/p>\n<h3>\uce90\ub9ac \ud2b8\ub808\uc774\ub4dc \uae30\ud68c\uc640 \uc2dc\uc7a5 \ud3ec\uc9c0\uc154\ub2dd<\/h3>\n<p>MNB\uac00 \uae30\uc900\uae08\ub9ac\ub97c 6.25%\ub85c \ub3d9\uacb0\ud55c\ub2e4\ub294 \uc804\uc81c\ud558\uc5d0, \ud5a5\ud6c4 \uba87 \uc8fc\uac04 \uae30\ud68c\uac00 \ub69c\ub837\ud558\ub2e4\ub294 \ud310\ub2e8\uc774\ub2e4. \ud2b9\ud788 \uc720\ub7fd\uc911\uc559\uc740\ud589(ECB)\uc758 \uc815\ucc45\uae08\ub9ac 2.75%\uc640 \ube44\uad50\ud558\uba74 \uae08\ub9ac \ucc28(\ub450 \ub098\ub77c \uae08\ub9ac\uc758 \uaca9\ucc28)\uac00 \ud06c\uac8c \ubc8c\uc5b4\uc9c4\ub2e4. \uc774\ub294 \uae08\ub9ac\uac00 \ub0ae\uc740 \ud1b5\ud654\ub85c \uc790\uae08\uc744 \ube4c\ub824(\ucc28\uc785) \uae08\ub9ac\uac00 \ub192\uc740 \ud1b5\ud654 \uc790\uc0b0\uc5d0 \ud22c\uc790\ud558\ub294 \u2018\uce90\ub9ac \ud2b8\ub808\uc774\ub4dc(carry trade\u00b7\uae08\ub9ac \ucc28\uc775\uc744 \ub178\ub9ac\ub294 \uac70\ub798)\u2019\uc5d0 \ud5dd\uac00\ub9ac \ud3ec\ub9b0\ud2b8\uac00 \ub9e4\ub825\uc801\uc774\ub77c\ub294 \ub73b\uc774\ub2e4.<\/p>\n<p>\ucd5c\uadfc \uc9c0\ud45c\ub3c4 \uae08\ub9ac \uc548\uc815 \uc804\ub9dd(\uae08\ub9ac\uac00 \uc27d\uac8c \uc6c0\uc9c1\uc774\uc9c0 \uc54a\uc744 \uac83\uc774\ub77c\ub294 \uc804\ub9dd)\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4. \ud5dd\uac00\ub9ac\uc758 2026\ub144 4\uc6d4 \ubb3c\uac00\uc0c1\uc2b9\ub960(\uc778\ud50c\ub808\uc774\uc158)\uc740 4.8%\ub85c \ub192\uc740 \uc218\uc900\uc774 \uc774\uc5b4\uc84c\uace0, \uc774\ub294 MNB\uac00 \ub2e8\uae30\uac04\uc5d0 \uae08\ub9ac\ub97c \ub0b4\ub9b4(\uc778\ud558\ud560) \uc720\uc778\uc774 \ud06c\uc9c0 \uc54a\ub2e4\ub294 \uc758\ubbf8\ub2e4. 2026\ub144 1\ubd84\uae30 \uad6d\ub0b4\ucd1d\uc0dd\uc0b0(GDP\u00b7\ud55c \ub098\ub77c\uc5d0\uc11c \uc0dd\uc0b0\ud55c \uc7ac\ud654\u00b7\uc11c\ube44\uc2a4\uc758 \ucd1d\ud569) \uc131\uc7a5\ub960\uc740 1.2%\ub85c \uc644\ub9cc\ud558\uc9c0\ub9cc \ud68c\ubcf5 \ud750\ub984\uc774 \ub098\ud0c0\ub098, \ud604\uc7ac\uc758 \ub192\uc740 \ucc28\uc785 \ube44\uc6a9(\ub192\uc740 \uae08\ub9ac)\uc744 \ub2f9\ubd84\uac04 \uac10\ub0b4\ud560 \uc5ec\ub825\uc774 \uc788\ub2e4\ub294 \uc2e0\ud638\ub85c \ud574\uc11d\ub41c\ub2e4.<\/p>\n<h3>\uad6c\uc870\uc801 \ud638\uc7ac\uc640 \ub9ac\uc2a4\ud06c \uad00\ub9ac<\/h3>\n<p>\uc815\ubd80\uc758 2030\ub144 \uc720\ub85c \ub3c4\uc785 \uacc4\ud68d\uc740 \ud3ec\ub9b0\ud2b8\uc5d0 \uad6c\uc870\uc801 \ud638\uc7ac(\uc2dc\uac04\uc774 \uc9c0\ub098\ub3c4 \uc601\ud5a5\uc744 \uc8fc\ub294 \uae0d\uc815 \uc694\uc778)\ub85c \uc791\uc6a9\ud560 \uc218 \uc788\ub2e4. \u2018\uc720\ub85c \uc218\ub834\u2019 \ub0b4\ub7ec\ud2f0\ube0c\ub294 \uc77c\uc885\uc758 \ub2fb(\uae30\ub300\uc758 \uae30\uc900\uc810) \uc5ed\ud560\uc744 \ud558\uba70, \uae09\uaca9\ud55c \uac00\uce58 \ud558\ub77d(\uae09\ub77d\u00b7\ud070 \ud3ed\uc758 \ud3c9\uac00\uc808\ud558) \uac00\ub2a5\uc131\uc744 \uc81c\ud55c\ud574 \ud3ec\ub9b0\ud2b8 \ub9e4\uc218(\ub871 HUF\u00b7\ud3ec\ub9b0\ud2b8 \uac15\uc138\uc5d0 \ubca0\ud305\ud558\ub294 \ud3ec\uc9c0\uc158)\ub97c \uc720\uc9c0\ud558\ub294 \ub370 \uc790\uc2e0\uac10\uc744 \ub192\uc778\ub2e4\ub294 \uc124\uba85\uc774\ub2e4. \uc815\uce58\uc801 \uc758\uc9c0\uac00 \ud1b5\ud654 \uc548\uc815\uacfc \uac19\uc740 \ubc29\ud5a5\uc774\ub77c\ub294 \ud574\uc11d\ub3c4 \uac00\ub2a5\ud558\ub2e4.<\/p>\n<p>\ud30c\uc0dd\uc0c1\ud488(\uae30\ucd08\uc790\uc0b0 \uac00\uaca9\uc5d0 \ub530\ub77c \uac00\uce58\uac00 \ubcc0\ud558\ub294 \uae08\uc735\uc0c1\ud488) \uc804\ub7b5\uc73c\ub85c\ub294 \u2018\uc678\uac00\uaca9(out-of-the-money\u00b7\ud604\uc7ac \ud658\uc728 \uc218\uc900\uc5d0\uc11c \ubc14\ub85c \uc774\uc775\uc774 \ub098\uc9c0 \uc54a\ub294 \uac00\uaca9)\u2019 EUR\/HUF \ucf5c\uc635\uc158(\uc720\ub85c\ub97c \uc0ac\uac70\ub098 \ud3ec\ub9b0\ud2b8\ub97c \ud314 \uad8c\ub9ac)\uc5d0 \ub300\ud55c \ub9e4\ub3c4(\ucf5c \ub9e4\ub3c4)\uac00 \uc2e0\uc911\ud55c \uc120\ud0dd\uc774 \ub420 \uc218 \uc788\ub2e4\uace0 \ubd24\ub2e4. \uc635\uc158 \ud504\ub9ac\ubbf8\uc5c4(\uc635\uc158 \uac00\uaca9)\uc744 \ubc1b\uace0, \ud3ec\ub9b0\ud2b8\uac00 \uc548\uc815\uc801\uc774\uac70\ub098 \uc810\uc9c4\uc801\uc73c\ub85c \uac15\uc138\ub97c \ubcf4\uc77c \ub54c \uc720\ub9ac\ud558\ub2e4\ub294 \ub17c\ub9ac\ub2e4. \uc774\ub54c \uc2dc\uac04\uac00\uce58 \uac10\uc18c(time decay\u00b7\ub9cc\uae30\uae4c\uc9c0 \uc2dc\uac04\uc774 \uc904\uc218\ub85d \uc635\uc158 \uac00\uce58\uac00 \ub5a8\uc5b4\uc9c0\ub294 \ud604\uc0c1)\uac00 \ub9e4\ub3c4\uc790\uc5d0\uac8c \uc720\ub9ac\ud558\uac8c \uc791\uc6a9\ud55c\ub2e4. \uc120\ubb3c\ud658(\ud3ec\uc6cc\ub4dc) \uacc4\uc57d(\ubbf8\ub798 \ud2b9\uc815 \uc2dc\uc810\uc758 \ud658\uc728\uc744 \ubbf8\ub9ac \uc815\ud574 \uac70\ub798\ud558\ub294 \uacc4\uc57d)\uc73c\ub85c \uae08\ub9ac \ucc28\uc775\uc744 \uace0\uc815\ud558\ub294 \uac83\ub3c4 \uac19\uc740 \uad00\uc810\uc744 \uad6c\ud604\ud558\ub294 \uc9c1\uc811\uc801 \ubc29\ubc95\uc73c\ub85c \uc81c\uc2dc\ub410\ub2e4.<\/p>\n<p>\ub2e4\ub9cc \ud3ec\ub9b0\ud2b8\ub294 \uacfc\uac70 \ubcc0\ub3d9\uc131\uc774 \ucef8\ub2e4\ub294 \uc810\uc744 \uac10\uc548\ud574\uc57c \ud55c\ub2e4. \uc608\ucee8\ub300 2022\ub144\uacfc \uac19\uc740 \uae09\uaca9\ud55c \uc57d\uc138\uac00 \uc7ac\ud604\ub420 \uac00\ub2a5\uc131\uc744 \ubc30\uc81c\ud560 \uc218 \uc5c6\ub2e4. \ud604\uc7ac\uc758 \uae30\ucd08 \uc5ec\uac74(\ud380\ub354\uba58\ud138)\uc774 \uc6b0\ud638\uc801\uc774\ub354\ub77c\ub3c4, \uc9c0\uc815\ud559\uc801 \uc774\uc288(\uc804\uc7c1\u00b7\uc678\uad50 \uac08\ub4f1 \ub4f1)\ub098 \uc704\ud5d8\ud68c\ud53c \uc2ec\ub9ac(risk sentiment\u00b7\ud22c\uc790\uc790\ub4e4\uc774 \uc704\ud5d8\uc790\uc0b0\uc744 \ud53c\ud558\ub294 \ubd84\uc704\uae30)\uac00 \uae09\ubcc0\ud558\uba74 \uc2dc\uc7a5\uc774 \ud754\ub4e4\ub9b4 \uc218 \uc788\ub2e4. \ub530\ub77c\uc11c \ud3ec\uc9c0\uc158\uc740 \uc190\uc2e4 \ubc94\uc704\uac00 \uc815\ud574\uc9c0\ub3c4\ub85d(\uc815\uc758\ub41c \ub9ac\uc2a4\ud06c) \uad6c\uc131\ud574\uc57c \ud558\uba70, \u2018\ubb34\ub2f4\ubcf4 \ucf5c \ub9e4\ub3c4(naked call\u00b7\ubcf4\ud638 \uc7a5\uce58 \uc5c6\uc774 \ucf5c\uc635\uc158\ub9cc \ub9e4\ub3c4\ud574 \uc190\uc2e4\uc774 \ucee4\uc9c8 \uc218 \uc788\ub294 \uad6c\uc870)\u2019\ubcf4\ub2e4\ub294 \uc635\uc158 \uc2a4\ud504\ub808\ub4dc(option spread\u00b7\uc635\uc158\uc744 \ud568\uaed8 \uc0ac\uace0\ud314\uc544 \uc190\uc775 \ubc94\uc704\ub97c \uc81c\ud55c\ud558\ub294 \uc804\ub7b5) \ud65c\uc6a9\uc774 \uc801\uc808\ud558\ub2e4\ub294 \uc81c\uc5b8\uc774\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201c\ud3ec\ub9b0\ud2b8 \uce90\ub9ac \ub9e4\ub825 \uc7ac\ubd80\uac01\u201d BBH, \ud5dd\uac00\ub9ac \uc911\uc559\uc740\ud589 \uae30\uc900\uae08\ub9ac 6.25% 3\uc5f0\uc18d \ub3d9\uacb0 \uc804\ub9dd. \uc720\ub85c \uc218\ub834\u00b72030 \uc720\ub85c \ub3c4\uc785 \ub0b4\ub7ec\ud2f0\ube0c\uac00 \uc9c0\uc9c0, \uc635\uc158\u00b7\ud3ec\uc6cc\ub4dc\ub85c \uae08\ub9ac\ucc28 \uace0\uc815\ud558\ub418 \ubcc0\ub3d9\uc131 \uacbd\uacc4.<\/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-47357","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\/47357","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=47357"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/47357\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=47357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=47357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=47357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}