{"id":31047,"date":"2026-03-24T16:04:30","date_gmt":"2026-03-24T16:04:30","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/ecb-politika-yapicisi-olaf-sleijpen-yukselen-enerji-fiyatlarinin-2022-krizine-kiyasla-ekonominin-geneline-daha-hizli-yerlesebilecegi-uyarisinda-bulundu\/"},"modified":"2026-03-24T16:04:30","modified_gmt":"2026-03-24T16:04:30","slug":"ecb-politika-yapicisi-olaf-sleijpen-yukselen-enerji-fiyatlarinin-2022-krizine-kiyasla-ekonominin-geneline-daha-hizli-yerlesebilecegi-uyarisinda-bulundu","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/ecb-politika-yapicisi-olaf-sleijpen-yukselen-enerji-fiyatlarinin-2022-krizine-kiyasla-ekonominin-geneline-daha-hizli-yerlesebilecegi-uyarisinda-bulundu\/","title":{"rendered":"ECB politika yap\u0131c\u0131s\u0131 Olaf Sleijpen, y\u00fckselen enerji fiyatlar\u0131n\u0131n 2022 krizine k\u0131yasla ekonominin geneline daha h\u0131zl\u0131 yerle\u015febilece\u011fi uyar\u0131s\u0131nda bulundu"},"content":{"rendered":"Avrupa Merkez Bankas\u0131 (ECB) politika yap\u0131c\u0131s\u0131 Olaf Sleijpen, Reuters\u2019e g\u00f6re artan enerji fiyatlar\u0131n\u0131n 2022\u2019deki enerji krizine k\u0131yasla daha h\u0131zl\u0131 \u015fekilde genel ekonomiye yans\u0131mas\u0131n\u0131n muhtemel oldu\u011funu s\u00f6yledi.\n\nSleijpen, ECB\u2019nin petrol ve do\u011fal gaz fiyatlar\u0131n\u0131 kontrol edemeyece\u011fini, ancak \u201cikinci tur etkiler\u201d (enerji gibi bir kalemdeki art\u0131\u015f\u0131n \u00fccretler ve hizmet fiyatlar\u0131 gibi di\u011fer alanlara s\u0131\u00e7rayarak enflasyonu kal\u0131c\u0131la\u015ft\u0131rmas\u0131) g\u00f6r\u00fcl\u00fcrse buna kar\u015f\u0131l\u0131k verebilece\u011fini belirtti. Olas\u0131 ikinci tur etkilere ili\u015fkin daha fazla bilginin nisan ay\u0131nda gelmesinin beklendi\u011fini de ekledi.\n\nA\u00e7\u0131klamalar EUR\/USD\u2019de belirgin bir fiyat hareketine yol a\u00e7mad\u0131. Haber yaz\u0131l\u0131rken EUR\/USD g\u00fcn i\u00e7inde %0,2 d\u00fc\u015f\u00fc\u015fle 1,1588 seviyesindeydi.\n\nBu temkinli duru\u015f anla\u015f\u0131l\u0131r; \u00e7\u00fcnk\u00fc Brent ham petrol fiyatlar\u0131 2026\u2019n\u0131n ilk \u00e7eyre\u011finde kademeli bi\u00e7imde y\u00fckseldi ve varil ba\u015f\u0131na 95 dolar\u0131n \u00fczerinde kal\u0131c\u0131 seyrediyor; ge\u00e7en y\u0131l bu d\u00f6nemde yakla\u015f\u0131k 80 dolar seviyesindeydi. Benzer \u015fekilde Avrupa TTF do\u011fal gaz fiyatlar\u0131, daha so\u011fuk ge\u00e7en k\u0131\u015f ve yeniden stok yapma endi\u015feleri nedeniyle 2025 sonundaki en d\u00fc\u015f\u00fck seviyelere g\u00f6re %25 daha y\u00fcksek. (TTF, Avrupa\u2019da do\u011fal gaz i\u00e7in referans kabul edilen ana fiyat g\u00f6stergesidir.) Bunlar g\u00f6z ard\u0131 edilemeyecek somut maliyet bask\u0131lar\u0131.\n\nEuro B\u00f6lgesi enflasyonuna ili\u015fkin \u015fubat 2026 \u201c\u00f6nc\u00fc tahmin\u201d (nihai veri \u00f6ncesi h\u0131zl\u0131 hesaplama) %2,8 ile y\u00fcksek seyrini korudu. Piyasada %2 hedefe do\u011fru gerilemenin s\u00fcrece\u011fi beklentisi varken gelen bu veri, \u00f6zellikle hizmetler taraf\u0131nda (\u00f6r. kira, ula\u015f\u0131m, tatil, bak\u0131m hizmetleri) fiyat bask\u0131lar\u0131n\u0131n g\u00fc\u00e7l\u00fc kald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Endi\u015fe, yeni enerji art\u0131\u015f\u0131n\u0131n enflasyonu yeniden yukar\u0131 itmesi.\n\nT\u00fcrev \u00fcr\u00fcn i\u015flemleri yapanlar a\u00e7\u0131s\u0131ndan bu tablo, euroyla ba\u011flant\u0131l\u0131 varl\u0131klarda \u201cz\u0131mni oynakl\u0131\u011f\u0131n\u201d (opsiyon fiyatlar\u0131n\u0131n ima etti\u011fi beklenen dalgalanma) d\u00fc\u015f\u00fck fiyatlan\u0131yor olabilece\u011fine i\u015faret ediyor. Piyasa daha sakin bir d\u00f6nem ve y\u0131l i\u00e7inde olas\u0131 faiz indirimleri senaryosunu sat\u0131n alm\u0131\u015ft\u0131; ancak bu a\u00e7\u0131klamalar, ECB\u2019nin daha \u201c\u015fahin\u201d (enflasyonla m\u00fccadele i\u00e7in faizleri y\u00fcksek tutmaya yatk\u0131n) bir \u00e7izgiye kayma riskini art\u0131r\u0131yor. Bu da euronun g\u00fc\u00e7lenmesine veya Avrupa faizlerinin y\u00fckselmesine kar\u015f\u0131 koruma sa\u011flayan opsiyonlara talebi art\u0131rabilir.\n\nOlas\u0131 bir yakla\u015f\u0131m, ECB\u2019nin nisan toplant\u0131s\u0131 sonras\u0131 sert bir hareket beklentisiyle EUR\/USD\u2019de \u201cstraddle\u201d veya \u201cstrangle\u201d almakt\u0131r. (Straddle, ayn\u0131 vadede ayn\u0131 kullan\u0131m fiyatl\u0131 al\u0131m-sat\u0131m opsiyonunu birlikte al\u0131p y\u00f6n de\u011fil hareket b\u00fcy\u00fckl\u00fc\u011f\u00fc \u00fczerine bahis yapmakt\u0131r; strangle ise farkl\u0131 kullan\u0131m fiyatlar\u0131yla benzer mant\u0131kt\u0131r ve genelde daha ucuzdur.) Mevcut karars\u0131zl\u0131k, ECB mesaj\u0131 netle\u015fince artabilecek dalgalanmaya pozisyon alma f\u0131rsat\u0131 sunabilir; opsiyon maliyeti de birka\u00e7 hafta sonras\u0131na g\u00f6re halen g\u00f6rece d\u00fc\u015f\u00fck olabilir.\n\nFaiz \u201cvadeli i\u015flemleri\u201d (faiz oran\u0131 beklentisine g\u00f6re fiyatlanan standart borsa kontratlar\u0131) taraf\u0131nda da, Euribor\u2019a ba\u011fl\u0131 kontratlarda 2026\u2019da derin ECB faiz indirimi beklentileri daha riskli g\u00f6r\u00fcn\u00fcyor. (Euribor, euro b\u00f6lgesinde bankalar aras\u0131 bor\u00e7lanma i\u00e7in referans faiz oran\u0131d\u0131r.) Yat\u0131r\u0131mc\u0131lar bu t\u00fcr pozisyonlar\u0131n riskini azaltmay\u0131 veya \u201cdaha uzun s\u00fcre y\u00fcksek faiz\u201d senaryosuna g\u00f6re korunmay\u0131 de\u011ferlendirebilir.\n<p>\n\n<p><strong>Hemen i\u015flem yapmaya ba\u015flay\u0131n &#8211; Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr\/trade-now\/\">buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>Enerji \u015foku geri mi d\u00f6n\u00fcyor? ECB\u2019li Sleijpen, petrol\/do\u011falgaz art\u0131\u015flar\u0131n\u0131n 2022\u2019ye g\u00f6re daha h\u0131zl\u0131 yans\u0131yabilece\u011fini, ikinci tur etkilerde kar\u015f\u0131l\u0131k verilece\u011fini s\u00f6yledi; enflasyon %2,8, opsiyonlarda oynakl\u0131k d\u00fc\u015f\u00fck fiyatlan\u0131yor.<\/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-31047","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\/31047","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=31047"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/31047\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=31047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=31047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=31047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}