{"id":30831,"date":"2026-03-20T16:02:23","date_gmt":"2026-03-20T16:02:23","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/makhlouf-ecbnin-sikilastirma-egilimi-yok-faizler-sabit-bir-patikaya-bagli-kalinmadan-toplantidan-toplantiya-belirlenecek\/"},"modified":"2026-03-20T16:02:23","modified_gmt":"2026-03-20T16:02:23","slug":"makhlouf-ecbnin-sikilastirma-egilimi-yok-faizler-sabit-bir-patikaya-bagli-kalinmadan-toplantidan-toplantiya-belirlenecek","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/makhlouf-ecbnin-sikilastirma-egilimi-yok-faizler-sabit-bir-patikaya-bagli-kalinmadan-toplantidan-toplantiya-belirlenecek\/","title":{"rendered":"Makhlouf: ECB\u2019nin s\u0131k\u0131la\u015ft\u0131rma e\u011filimi yok; faizler sabit bir patikaya ba\u011fl\u0131 kal\u0131nmadan toplant\u0131dan toplant\u0131ya belirlenecek"},"content":{"rendered":"Gabriel Makhlouf, Avrupa Merkez Bankas\u0131\u2019n\u0131n (ECB) faiz oranlar\u0131 i\u00e7in \u00f6nceden belirlenmi\u015f bir yol haritas\u0131 olmad\u0131\u011f\u0131n\u0131 ve politikan\u0131n toplant\u0131dan toplant\u0131ya belirlenece\u011fini s\u00f6yledi. Bankan\u0131n y\u00fcksek belirsizlikle kar\u015f\u0131 kar\u015f\u0131ya oldu\u011funu belirten Makhlouf, ECB\u2019nin y\u00fczde 2 enflasyon (fiyat art\u0131\u015f oran\u0131) hedefine odakland\u0131\u011f\u0131n\u0131 ifade etti.\n\nMakhlouf, ECB\u2019nin \u201cs\u0131k\u0131la\u015ft\u0131rma e\u011filimi\u201d (faizleri art\u0131rmaya \u00f6ncelik veren yakla\u015f\u0131m) olmad\u0131\u011f\u0131n\u0131, baz senaryoda (en olas\u0131 temel g\u00f6r\u00fcn\u00fcm) iki faiz art\u0131\u015f\u0131 bulundu\u011funu s\u00f6yledi. Veriler gerekti\u011fini g\u00f6sterirse ECB\u2019nin ad\u0131m ataca\u011f\u0131n\u0131 ve nisan \u00f6ncesinde verileri yeniden de\u011ferlendirece\u011fini kaydetti.\n\n

ECB Politikas\u0131 Verilere Ba\u011fl\u0131 Kalmaya Devam Ediyor<\/h3>\nA\u00e7\u0131klamalar tek ba\u015f\u0131na euroda belirgin bir hareket yaratmad\u0131. EUR\/USD paritesi (euro\/dolar kuru) y\u00fczde 0,4 d\u00fc\u015f\u00fc\u015fle 1,1540 civar\u0131na geriledi. ECB, Frankfurt merkezli Euro B\u00f6lgesi\u2019nin merkez bankas\u0131d\u0131r ve enflasyonu y\u00fczde 2\u2019ye yak\u0131n tutmak i\u00e7in faizleri belirler.\n\nY\u00f6netim Konseyi (faiz karar\u0131n\u0131 veren kurul) y\u0131lda sekiz kez toplan\u0131r. Konsey; Euro B\u00f6lgesi ulusal merkez bankas\u0131 ba\u015fkanlar\u0131 ile aralar\u0131nda Ba\u015fkan Christine Lagarde\u2019\u0131n da bulundu\u011fu alt\u0131 daimi \u00fcyeden olu\u015fur. Parasal geni\u015fleme (quantitative easing – QE), ECB\u2019nin piyasaya yeni para vererek devlet veya \u015firket tahvili (bor\u00e7lanma senedi) gibi varl\u0131klar\u0131 sat\u0131n almas\u0131d\u0131r. Bu y\u00f6ntem 2009-11 d\u00f6neminde, 2015\u2019te ve Covid salg\u0131n\u0131 s\u0131ras\u0131nda kullan\u0131ld\u0131.\n\nParasal s\u0131k\u0131la\u015fma (quantitative tightening – QT) ise bunun tersidir: ECB yeni tahvil al\u0131mlar\u0131n\u0131 durdurur ve vadesi dolan tahvillerin bedelini yeniden yat\u0131r\u0131ma y\u00f6nlendirmez (yeniden yat\u0131r\u0131m yapmaz). QT, genellikle euro i\u00e7in destekleyici kabul edilir (paran\u0131n daha az bol olmas\u0131 kur \u00fczerinde yukar\u0131 y\u00f6nl\u00fc etki yaratabilir).\n\n

Piyasan\u0131n Oda\u011f\u0131 \u0130ndirimlerin Zamanlamas\u0131na Kayd\u0131<\/h3>\nBu ortam, yat\u0131r\u0131mc\u0131lar\u0131n (trader) gelecekteki olas\u0131 faiz indirimlerinin zamanlamas\u0131ndaki belirsizli\u011fi y\u00f6netmek i\u00e7in opsiyon (belirli tarihte belirli fiyattan al\u0131m\/sat\u0131m hakk\u0131 veren s\u00f6zle\u015fme) stratejilerini de\u011ferlendirmesine i\u015faret ediyor. Euro i\u00e7in ima edilen oynakl\u0131\u011f\u0131n (implied volatility: opsiyon fiyatlar\u0131ndan t\u00fcretilen beklenen kur dalgalanmas\u0131) ECB toplant\u0131 tarihleri etraf\u0131nda artmas\u0131 olas\u0131; \u00f6zellikle yakla\u015fan nisan ve haziran kararlar\u0131 \u00f6ncesinde. EUR\/USD \u00fczerinde straddle (ayn\u0131 vade ve fiyatla al\u0131m ve sat\u0131m opsiyonu birlikte alma) veya strangle (farkl\u0131 kullan\u0131m fiyatl\u0131 al\u0131m ve sat\u0131m opsiyonu birlikte alma) almak, y\u00f6n fark etmeksizin g\u00fc\u00e7l\u00fc bir politika a\u00e7\u0131klamas\u0131ndan kazan\u00e7 sa\u011flamak i\u00e7in etkili olabilir.\n\nEUR\/USD paritesi, 1,1450 civar\u0131nda i\u015flem g\u00f6r\u00fcrken g\u00f6r\u00fcn\u00fcmdeki bu de\u011fi\u015fimi yans\u0131t\u0131yor ve son faiz art\u0131\u015f\u0131n\u0131n ard\u0131ndan 2025 ortas\u0131nda g\u00f6r\u00fclen zirvelerin alt\u0131nda. T\u00fcrev piyasalar\u0131 (derivative markets: de\u011feri ba\u015fka bir varl\u0131\u011fa ba\u011fl\u0131 s\u00f6zle\u015fmelerin i\u015flem g\u00f6rd\u00fc\u011f\u00fc piyasa) bu y\u0131l\u0131n d\u00f6rd\u00fcnc\u00fc \u00e7eyre\u011finde ilk faiz indirimi ihtimalinin d\u00fc\u015f\u00fck de olsa fiyatland\u0131\u011f\u0131n\u0131 g\u00f6stermeye ba\u015flad\u0131. \u00d6n\u00fcm\u00fczdeki haftalarda euro i\u00e7in ana belirleyici, b\u00fcy\u00fcme ve hizmet enflasyonu (hizmet fiyatlar\u0131ndaki art\u0131\u015f) verilerinin bu olas\u0131l\u0131klar\u0131 nas\u0131l de\u011fi\u015ftirece\u011fi olacak.\n

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Hemen i\u015flem yapmaya ba\u015flay\u0131n – Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

Piyasalar diken \u00fcst\u00fcnde: ECB \u00fcyesi Makhlouf, faizlerde \u00f6nceden belirlenmi\u015f rota olmad\u0131\u011f\u0131n\u0131, kararlar\u0131n toplant\u0131dan toplant\u0131ya veriye ba\u011fl\u0131 al\u0131naca\u011f\u0131n\u0131 vurgulad\u0131; EUR\/USD gerilerken odak indirim zamanlamas\u0131 ve opsiyon stratejilerine kayd\u0131.<\/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-30831","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\/tr-mena\/wp-json\/wp\/v2\/posts\/30831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=30831"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30831\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=30831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=30831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=30831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}