{"id":49118,"date":"2026-06-02T00:45:51","date_gmt":"2026-06-02T00:45:51","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/bbh-nbp%ea%b0%80-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac%eb%a5%bc-3-75%eb%a1%9c-%eb%8f%99%ea%b2%b0%ed%95%a0-%ea%b2%83%ec%9c%bc%eb%a1%9c-%ec%a0%84%eb%a7%9d%ec%9d%b8%ed%94%8c%eb%a0%88%ec%9d%b4\/"},"modified":"2026-06-02T00:45:51","modified_gmt":"2026-06-02T00:45:51","slug":"bbh-nbp%ea%b0%80-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac%eb%a5%bc-3-75%eb%a1%9c-%eb%8f%99%ea%b2%b0%ed%95%a0-%ea%b2%83%ec%9c%bc%eb%a1%9c-%ec%a0%84%eb%a7%9d%ec%9d%b8%ed%94%8c%eb%a0%88%ec%9d%b4","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/bbh-nbp%ea%b0%80-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac%eb%a5%bc-3-75%eb%a1%9c-%eb%8f%99%ea%b2%b0%ed%95%a0-%ea%b2%83%ec%9c%bc%eb%a1%9c-%ec%a0%84%eb%a7%9d%ec%9d%b8%ed%94%8c%eb%a0%88%ec%9d%b4\/","title":{"rendered":"BBH, NBP\uac00 \uae30\uc900\uae08\ub9ac\ub97c 3.75%\ub85c \ub3d9\uacb0\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\u2026\uc778\ud50c\ub808\uc774\uc158 \ub454\ud654\u00b7\ub2ec\ub7ec\/\uc988\uc6cc\ud2f0 \ud658\uc728 3.60~3.70 \ubc15\uc2a4\uad8c \uc608\uc0c1"},"content":{"rendered":"<p>\ube0c\ub77c\uc6b4\ube0c\ub77c\ub354\uc2a4\ud574\ub9ac\uba3c(BBH)\uc740 \ud3f4\ub780\ub4dc\uc911\uc559\uc740\ud589(NBP)\uc774 \uae30\uc900\uae08\ub9ac\ub97c 3.75%\ub85c \uc138 \ucc28\ub840 \uc5f0\uc18d \ub3d9\uacb0\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ud588\uc73c\uba70, \uc9c0\ub09c 1\ub144\uac04 200bp \uc778\ud558 \uc774\ud6c4 \uc644\ud654 \uad6d\uba74\uc774 \uc885\ub8cc\ub410\ub2e4\uace0 \uc9c4\ub2e8\ud588\ub2e4. \ud5e4\ub4dc\ub77c\uc778 \ubc0f \uadfc\uc6d0 \uc778\ud50c\ub808\uc774\uc158\uc774 NBP\uc758 2\ubd84\uae30 \uc804\ub9dd\uce58(\uac01\uac01 2.4%, 2.6%)\ub97c \uc6c3\ub3cc\uace0 \uc788\uc9c0\ub9cc, \uc5ec\uac74\uc740 \uc544\uc9c1 \uae34\ucd95 \uc804\ud658\uacfc\ub294 \uac70\ub9ac\uac00 \uc788\ub2e4\ub294 \ud3c9\uac00\ub2e4.<\/p>\n<p>5\uc6d4 \ud5e4\ub4dc\ub77c\uc778 CPI\ub294 \uc804\uc6d4 \ub300\ube44 0.1%p \ud558\ub77d\ud55c \uc804\ub144 \ub300\ube44 3.1%\ub85c, \uc2dc\uc7a5 \ucee8\uc13c\uc11c\uc2a4(3.6%)\ub97c \ud558\ud68c\ud558\uba70 \uc5d0\ub108\uc9c0 \ucda9\uaca9\uc758 \uac00\uaca9 \uc804\uac00\uac00 \uc81c\ud55c\uc801\uc784\uc744 \uc2dc\uc0ac\ud588\ub2e4. \uc131\uc7a5\uc138\ub3c4 \ub454\ud654\ub410\ub2e4. 1\ubd84\uae30 \uc2e4\uc9c8 GDP\ub294 \uc804\uae30 \ub300\ube44 0.5% \uc99d\uac00\ud574 \ucee8\uc13c\uc11c\uc2a4(0.7%)\ub97c \ubc11\ub3cc\uc558\uace0, \uc804\ub144 \ub300\ube44 \uc131\uc7a5\ub960\uc740 3.4%\ub85c NBP \uc804\ub9dd\uce58(4.0%) \ubc0f 4\ubd84\uae30(4.1%) \ub300\ube44 \ub0ae\uc544\uc84c\ub2e4. BBH\ub294 \ub2ec\ub7ec\/\uc988\uc6cc\ud2f0(USD\/PLN)\uac00 3.6000~3.7000 \ubc15\uc2a4\uad8c\uc5d0 \uba38\ubb3c \uac83\uc73c\ub85c \uc804\ub9dd\ud588\ub2e4.<\/p>\n<h3>\uc988\uc6cc\ud2f0 \uc804\ub9dd: \uc815\ucc45 \uc548\uc815\uacfc \ub0ae\uc740 \ubcc0\ub3d9\uc131<\/h3>\n<p>NBP\uac00 \uae30\uc900\uae08\ub9ac\ub97c 3.75%\ub85c \ub3d9\uacb0\ud558\ub294 \uac00\uc6b4\ub370, \uc988\uc6cc\ud2f0\ub294 \ub2f9\ubd84\uac04 \ub0ae\uc740 \ubcc0\ub3d9\uc131 \uad6d\uba74\uc774 \uc774\uc5b4\uc9c8 \uac83\uc73c\ub85c \ubcf8\ub2e4. \uc911\uc559\uc740\ud589\uc758 \uc644\ud654 \uc0ac\uc774\ud074\uc740 \uc885\ub8cc\ub410\uc9c0\ub9cc, \uc608\uc0c1\ubcf4\ub2e4 \ubd80\uc9c4\ud55c \uc131\uc7a5\uacfc \ucd5c\uadfc\uc758 \ubb3c\uac00 \ub454\ud654\ub85c \ub2f9\uc7a5\uc758 \uae08\ub9ac \uc778\uc0c1 \uc555\ub825\uc740 \ud06c\uc9c0 \uc54a\ub2e4. \uc774\ub7ec\ud55c \uc815\ucc45 \uc548\uc815\uc740 \ud1b5\ud654\uac00 \uc608\uce21 \uac00\ub2a5\ud55c \ud750\ub984\uc744 \ubcf4\uc77c \uac00\ub2a5\uc131\uc744 \ub192\uc778\ub2e4.<\/p>\n<p>\ud3f4\ub780\ub4dc \ud1b5\uacc4\uccad(GUS)\uc758 \ucd5c\uc2e0 \ub370\uc774\ud130\ub3c4 \uc774\ub97c \ub4b7\ubc1b\uce68\ud55c\ub2e4. 2026\ub144 5\uc6d4 \ud5e4\ub4dc\ub77c\uc778 \uc778\ud50c\ub808\uc774\uc158\uc740 \uc804\ub144 \ub300\ube44 2.5%\ub85c \uc628\uac74\ud558\uac8c \ub098\ud0c0\ub0ac\ub2e4. \ub610\ud55c 1\ubd84\uae30 GDP \uc131\uc7a5\ub960\uc740 2.0%\ub85c \ud655\uc778\ub3fc, \ub450 \uc9c0\ud45c \ubaa8\ub450 NBP\uac00 \ub2f9\ubd84\uac04 \uad00\ub9dd\uc744 \uc720\uc9c0\ud560 \uadfc\uac70\ub97c \uac15\ud654\ud588\ub2e4. \uc774\ub294 \uc988\uc6cc\ud2f0\uc758 \uae09\uaca9\ud55c \ubcc0\ub3d9\uc744 \ucd09\ubc1c\ud560 \ud575\uc2ec \uc7ac\ub8cc\ub97c \uc57d\ud654\uc2dc\ud0a8\ub2e4.<\/p>\n<h3>\ubc15\uc2a4\uad8c \uc2dc\uc7a5\uc5d0\uc11c\uc758 \ud2b8\ub808\uc774\ub529 \uc804\ub7b5<\/h3>\n<p>\uc774 \uac19\uc740 \uc804\ub9dd\uc744 \uac10\uc548\ud560 \ub54c, \ud5a5\ud6c4 \uc218\uc8fc\uac04 \uac00\uc7a5 \ub9e4\ub825\uc801\uc778 \uc804\ub7b5\uc740 \ubcc0\ub3d9\uc131 \ub9e4\ub3c4\ub77c\uace0 \ud310\ub2e8\ud55c\ub2e4. USD\/PLN 1\uac1c\uc6d4 \uc635\uc158\uc758 \ub0b4\uc7ac\ubcc0\ub3d9\uc131\uc740 \ud604\uc7ac \uc57d 7.5%\ub85c, \uacfc\uac70 \uba87 \ub144\uac04\uc758 \uace0\uc810 \ub300\ube44 \ub0ae\uc740 \uc218\uc900\uc774\ub2e4. \uc774\uc5d0 \ub530\ub77c \uc20f \uc2a4\ud2b8\ub7ad\uae00(short strangles)\uc774\ub098 \uc544\uc774\uc5b8 \ucf58\ub3c4\ub974(iron condors) \uac19\uc740 \uc804\ub7b5\uc774 \uc720\ud6a8\ud574 \ubcf4\uc778\ub2e4. \ud574\ub2f9 \ud3ec\uc9c0\uc158\uc740 \uc2dc\uac04\uac00\uce58 \uac10\uc18c(\uc138\ud0c0)\uc640 \ud658\uc728\uc774 \uc608\uc0c1 \ubc94\uc704 \ub0b4\uc5d0 \uba38\ubb34\ub294 \ud658\uacbd\uc5d0\uc11c \uc218\uc775\uc744 \ub0b8\ub2e4.<\/p>\n<p>USD\/PLN\uc740 3.6000~3.7000\uc758 \uc881\uc740 \ucc44\ub110 \ub0b4 \uac70\ub798\uac00 \uc9c0\uc18d\ub420 \uac83\uc73c\ub85c \uc608\uc0c1\ud55c\ub2e4. \ud604\ubb3c\ud658\uc728\uc740 \ud604\uc7ac \uc774 \ubc34\ub4dc \uc0c1\ub2e8\uc744 \uc18c\ud3ed \uc0c1\ud68c\ud558\uace0 \uc788\uc5b4, \ud658\uc728\uc774 \uc7ac\ucc28 \ud558\ub77d(\ub418\ub3cc\ub9bc)\ud560 \uacbd\uc6b0 \uc774\uc775\uc774 \ub098\ub294 \uc57d\uc138 \ud3ec\uc9c0\uc158\uc744 \uc124\uacc4\ud560 \uae30\ud68c\ub97c \uc81c\uacf5\ud55c\ub2e4. 3.7000 \uc704\ucabd\uc5d0 \ud589\uc0ac\uac00\ub97c \ub454 \ucf5c \uc2a4\ud504\ub808\ub4dc \ub9e4\ub3c4\ub294 \uc774\ub7ec\ud55c \ubdf0\ub97c \ube44\uad50\uc801 \uc2e0\uc911\ud558\uac8c \ud45c\ud604\ud558\ub294 \ubc29\ubc95\uc774 \ub420 \uc218 \uc788\ub2e4.<\/p>\n<p>\ub2e4\ub9cc \ud2b8\ub808\uc774\ub354\ub4e4\uc740 USD\/PLN \uc20f \ud3ec\uc9c0\uc158\uc758 \ub9c8\uc774\ub108\uc2a4 \uce90\ub9ac(negative carry)\uc5d0 \uc720\uc758\ud574\uc57c \ud55c\ub2e4. \ubbf8 \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\uc758 \uc815\ucc45\uae08\ub9ac\uac00 5.50%\uc778 \uc0c1\ud669\uc5d0\uc11c \uc988\uc6cc\ud2f0 \ub871(\ub2ec\ub7ec \uc20f) \ud3ec\uc9c0\uc158\uc740 \uae08\ub9ac\ucc28\ub9cc\ud07c\uc758 \ube44\uc6a9\uc774 \ubc1c\uc0dd\ud574, \ubc15\uc2a4\uad8c \uc804\ub7b5\uc5d0\uc11c\uc758 \uc218\uc775\uc744 \uc7a0\uc2dd\ud560 \uc218 \uc788\ub2e4. \ub530\ub77c\uc11c \ud604\ubb3c \ud3ec\uc9c0\uc158\ubcf4\ub2e4\ub294 \ubcf4\uc720 \ube44\uc6a9\uc744 \uc81c\ud55c\ud560 \uc218 \uc788\ub294 \uc635\uc158 \uc804\ub7b5\uc758 \ub9e4\ub825\uc774 \ub354 \ud06c\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201c\ud3f4\ub780\ub4dc \uae08\ub9ac, \ub354 \ubabb \ub0b4\ub9b0\ub2e4?\u201d BBH\ub294 NBP\uac00 3.75% \ub3d9\uacb0\uc744 3\ud68c \uc774\uc5b4\uac08 \uc804\ub9dd. \ubb3c\uac00\u00b7\uc131\uc7a5 \ub454\ud654\ub85c \uae34\ucd95\uc740 \uba40\uace0 USD\/PLN 3.60~3.70 \ubc15\uc2a4\uad8c, \ubcc0\ub3d9\uc131 \ub9e4\ub3c4 \uc720\ud6a8.<\/p>\n","protected":false},"author":87,"featured_media":47719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-49118","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/49118","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=49118"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/49118\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media\/47719"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=49118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=49118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=49118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}