{"id":49810,"date":"2026-06-18T11:23:55","date_gmt":"2026-06-18T11:23:55","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/snb-%ec%ba%90%eb%a6%ac-%ed%8a%b8%eb%a0%88%ec%9d%b4%eb%93%9c-%ec%9c%a0%ec%9d%b8-%ec%86%8d-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac-0-%eb%8f%99%ea%b2%b0%ec%8a%a4%ec%9c%84%ec%8a%a4%ed%94%84\/"},"modified":"2026-06-18T11:23:55","modified_gmt":"2026-06-18T11:23:55","slug":"snb-%ec%ba%90%eb%a6%ac-%ed%8a%b8%eb%a0%88%ec%9d%b4%eb%93%9c-%ec%9c%a0%ec%9d%b8-%ec%86%8d-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac-0-%eb%8f%99%ea%b2%b0%ec%8a%a4%ec%9c%84%ec%8a%a4%ed%94%84","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/snb-%ec%ba%90%eb%a6%ac-%ed%8a%b8%eb%a0%88%ec%9d%b4%eb%93%9c-%ec%9c%a0%ec%9d%b8-%ec%86%8d-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac-0-%eb%8f%99%ea%b2%b0%ec%8a%a4%ec%9c%84%ec%8a%a4%ed%94%84\/","title":{"rendered":"SNB, \uce90\ub9ac \ud2b8\ub808\uc774\ub4dc \uc720\uc778 \uc18d \uae30\uc900\uae08\ub9ac 0% \ub3d9\uacb0\u2026\uc2a4\uc704\uc2a4\ud504\ub791 \ub0b4\uc7ac\ubcc0\ub3d9\uc131 \ud558\ub77d"},"content":{"rendered":"<p>\uc2a4\uc704\uc2a4\uad6d\ub9bd\uc740\ud589(SNB)\uc740 \uc815\ucc45\uae08\ub9ac\ub97c 0%\ub85c \ub3d9\uacb0\ud558\uba70 \uc2dc\uc7a5 \uc608\uc0c1\uc5d0 \ubd80\ud569\ud588\ub2e4. \uc774\ubc88 \uacb0\uc815\uc73c\ub85c \uc2a4\uc704\uc2a4\ub294 \uc81c\ub85c\uae08\ub9ac \ud558\ud55c(Zero Lower Bound)\uc5d0\uc11c\uc758 \uae30\uc870\ub97c \uc720\uc9c0\ud558\uac8c \ub410\uc73c\uba70, \uc911\uc559\uc740\ud589\uc740 \uad6d\ub0b4 \uc5ec\uac74\uc744 \uc810\uac80\ud558\ub294 \uac00\uc6b4\ub370 \uae30\uc874 \uae08\ub9ac \uc6b4\uc6a9 \uccb4\uacc4\ub97c \uadf8\ub300\ub85c \ub450\uac8c \ub41c\ub2e4.<\/p>\n<p>\uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc774\ubbf8 \uae08\ub9ac \ub3d9\uacb0\uc744 \uae30\uc815\uc0ac\uc2e4\ub85c \ubc18\uc601\ud574 \uc654\uace0, 0% \uc218\uc900\uc758 \u2018\ub178\ub4dc(node)\u2019\uac00 \uc2a4\uc704\uc2a4\ud504\ub791 \uc790\uae08\uc870\ub2ec \ube44\uc6a9\uc758 \uae30\uc900\uc810 \uc5ed\ud560\uc744 \uc774\uc5b4\uac00\uace0 \uc788\ub2e4. \uc815\ucc45\uae08\ub9ac\uac00 \uc720\uc9c0\ub41c \ub9cc\ud07c, \ud5e4\ub4dc\ub77c\uc778 \uae08\ub9ac \uc124\uc815\uc744 \ubc14\uafb8\uc9c0 \uc54a\uc740 \ucc44 \uc778\ud50c\ub808\uc774\uc158\uacfc \uae08\uc735\uc5ec\uac74\uc744 \uc720\ub3c4\ud558\uae30 \uc704\ud574 SNB\uac00 \uc5b4\ub5a4 \uc218\ub2e8 \uc870\ud569\uc744 \uc870\uc815\ud560\uc9c0\uac00 \ud575\uc2ec \uad00\uc804 \ud3ec\uc778\ud2b8\ub85c \ub0a8\ub294\ub2e4.<\/p>\n<h3>Market Reaction and Derivatives Outlook<\/h3>\n<p>SNB\uc758 0% \uae08\ub9ac \ub3d9\uacb0\uc740 \ub110\ub9ac \uc608\uc0c1\ub410\ub358 \ub9cc\ud07c, \uc2a4\uc704\uc2a4\ud504\ub791\uc5d0\uc11c \uc989\uac01\uc801\uc778 \u2018\ubd88\uaf43\u2019\uc740 \uae30\ub300\ud558\uae30 \uc5b4\ub835\ub2e4. \ud30c\uc0dd\uc0c1\ud488 \uad00\uc810\uc5d0\uc11c\uc758 \uc9c4\uc9dc \uc774\uc288\ub294 EUR\/CHF \uac19\uc740 \ud1b5\ud654\uc30d\uc5d0\uc11c \ub2e8\uae30 \ub0b4\uc7ac\ubcc0\ub3d9\uc131(implied volatility)\uc774 \uae09\uaca9\ud788 \ub0ae\uc544\uc9c0\ub294(\u2018\ud06c\ub7ec\uc2dc\u2019) \ud750\ub984\uc774\ub2e4. \uc774\ubca4\ud2b8 \ub9ac\uc2a4\ud06c\uac00 \ud574\uc18c\ub41c \ub9cc\ud07c, \uc2dc\uc7a5\uc758 \uc2dc\uc120\uc740 \ub2e4\uc2dc \uac70\uc2dc\uc801 \ucd94\uc138\ub85c \ub3cc\uc544\uac08 \uac83\uc774\ub2e4.<\/p>\n<p>\uc6b0\ub9ac\ub294 \uae08\ub9ac\ucc28 \ud655\ub300\uc5d0\uc11c \uc8fc\uc694 \uae30\ud68c\ub97c \ubcf8\ub2e4. \uc5f0\uc900(Fed)\uc774 3.5% \ubd80\uadfc, ECB\uac00 3.0% \uc218\uc900\uc744 \uc720\uc9c0\ud558\ub294 \uac00\uc6b4\ub370, \uc2a4\uc704\uc2a4\ud504\ub791\uc740 \uc911\uae30\uc801\uc73c\ub85c \uce90\ub9ac \ud2b8\ub808\uc774\ub4dc\uc758 \ub9e4\ub825\uc801\uc778 \ud380\ub529 \ud1b5\ud654\uac00 \ub41c\ub2e4. \uace0\uae08\ub9ac \ud1b5\ud654 \ub300\ube44 \uc2a4\uc704\uc2a4\ud504\ub791\uc744 \ub9e4\ub3c4\ud558\ub294 \uc804\ub7b5\uc758 \ub9e4\ub825\ub3c4\uac00 \uac08\uc218\ub85d \ub192\uc544\uc9c0\uace0 \uc788\ub2e4.<\/p>\n<h3>Monetary Policy Implications and Trading Strategies<\/h3>\n<p>\ucd5c\uadfc \uc9c0\ud45c\uc5d0\uc11c \uc2a4\uc704\uc2a4 \ubb3c\uac00\uac00 \uc804\ub144 \ub3d9\uae30 \ub300\ube44 \uc57d 1.2%\uc5d0 \uc548\ucc29(anchored)\ud574 SNB \ubaa9\ud45c \ubc94\uc704 \ub0b4\uc5d0 \uba38\ubb3c\uace0 \uc788\ub2e4\ub294 \uc810\uc774 \uc6b0\ub9ac\uc758 \ud655\uc2e0\uc744 \uac15\ud654\ud55c\ub2e4. \uc774\ub294 \ud5a5\ud6c4 \uc218\uac1c\uc6d4 \ub3d9\uc548 \uc911\uc559\uc740\ud589\uc774 \ube44\ub458\uae30\ud30c(dovish) \uae30\uc870\ub97c \ubc14\uafc0 \uc720\uc778\uc774 \ud06c\uc9c0 \uc54a\ub2e4\ub294 \uc758\ubbf8\ub2e4. \uc5ed\uc0ac\uc801\uc73c\ub85c\ub3c4 SNB\ub294 \ud504\ub791 \uac15\uc138\ub97c \ub9c9\uae30 \uc704\ud574 \uc2e0\uc18d\ud558\uac8c \uae08\ub9ac \uc778\ud558\uc5d0 \ub098\uc11c\ub294 \uacbd\ud5a5\uc774 \uc788\uc5c8\uace0, \uc774 \uc2a4\ud0e0\uc2a4\uc5d0 \ubcc0\ud654\uac00 \uc788\ub2e4\uace0 \ubcf4\uc9c0 \uc54a\ub294\ub2e4.<\/p>\n<p>\uc635\uc158 \ud2b8\ub808\uc774\ub354 \uad00\uc810\uc5d0\uc11c\ub294 \uc2a4\uc704\uc2a4\ud504\ub791\uc758 \uc2e4\ud604\ubcc0\ub3d9\uc131(realized volatility)\uc774 \ub354 \ub0ae\uc544\uc9c8 \uc218 \uc788\ub294 \uad6c\uac04\uc744 \uc2dc\uc0ac\ud55c\ub2e4. \uc6b0\ub9ac\ub294 \ubc15\uc2a4\uad8c \ub4f1\ub77d\uc744 \uc608\uc0c1\ud558\ub294 \ub9cc\ud07c, USD\/CHF\uc5d0\uc11c \uc2a4\ud2b8\ub7ad\uae00(strangle) \ub9e4\ub3c4 \uc804\ub7b5\uc774 \uc720\ud6a8\ud560 \uc218 \uc788\ub2e4\uace0 \ubcf8\ub2e4. SNB\uc758 \ucf54\uba58\ud130\ub9ac\ub294 \ud504\ub791 \uac15\uc138\uc5d0 \ub300\ud574 \uc5ec\uc804\ud788 \uc2e0\uc911\ud558\uba70, \uacfc\ub3c4\ud558\uac8c \ube60\ub978 \uc808\uc0c1\uc774 \ub098\ud0c0\ub0a0 \uacbd\uc6b0 \uac1c\uc785\ud560 \uc218 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4.<\/p>\n<p>\uc774 \uc2dc\uac01\uc5d0 \ub300\ud55c \ud575\uc2ec \ub9ac\uc2a4\ud06c\ub294, \uae00\ub85c\ubc8c \ubb34\uc5ed \uae34\uc7a5\uc774 \uc9c0\uc18d\ub418\ub294 \uad6d\uba74\uc5d0\uc11c \uc2a4\uc704\uc2a4\ud504\ub791\uc774 \uc548\uc804\uc790\uc0b0(safe haven)\uc73c\ub85c\uc11c\uc758 \uc131\uaca9\uc744 \uac16\ub294\ub2e4\ub294 \uc810\uc774\ub2e4. 2022\ub144 \uc5d0\ub108\uc9c0 \uc704\uae30 \ub2f9\uc2dc\uc640 \uc720\uc0ac\ud55c \u2018\uc548\uc804\uc790\uc0b0 \uc120\ud638(Flight to safety)\u2019\uac00 \uc7ac\ud604\ub420 \uacbd\uc6b0 CHF\uac00 \uae09\ub4f1\ud558\uba70 \uce90\ub9ac \ud2b8\ub808\uc774\ub4dc\uac00 \uace0\ud1b5\uc2a4\ub7fd\uac8c \uccad\uc0b0\ub420 \uc218 \uc788\ub2e4. \uc774\uc5d0 \ub300\ud55c \uc800\ube44\uc6a9 \ud5e4\uc9c0\ub85c \uc2a4\uc704\uc2a4\ud504\ub791\uc758 \uc678\uac00\uaca9(out-of-the-money) \ucf5c\uc635\uc158\uc744 \ud65c\uc6a9\ud560 \uac83\uc744 \uc81c\uc548\ud55c\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u2018\uc2a4\uc704\uc2a4\uac00 \ub2e4\uc2dc \uc81c\ub85c\uae08\ub9ac\u2019\u2026SNB 0% \ub3d9\uacb0\ub85c ZLB \uc720\uc9c0, \uae30\ub300 \ubd80\ud569. \ub2e8\uae30 \ubcc0\ub3d9\uc131 \ud06c\ub7ec\uc2dc \uc18d \uae08\ub9ac\ucc28\u00b7\uce90\ub9ac \ud2b8\ub808\uc774\ub4dc \uae30\ud68c \ubd80\uac01. \ub2e4\ub9cc \uc548\uc804\uc790\uc0b0 \uae09\ub4f1 \ub9ac\uc2a4\ud06c\uc5d0 OTM \ucf5c\ub85c \ud5e4\uc9c0.<\/p>\n","protected":false},"author":87,"featured_media":47717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-49810","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\/49810","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=49810"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/49810\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media\/47717"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=49810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=49810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=49810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}