\u0130svi\u00e7re\u2019de \u00fcretici ve ithalat fiyatlar\u0131 Mart ay\u0131nda y\u0131ll\u0131k bazda %-2,7\u2019de kald\u0131. Bu, toplam endeksin ge\u00e7en y\u0131la g\u00f6re daha d\u00fc\u015f\u00fck seyretmeye devam etti\u011fi anlam\u0131na geliyor.<\/p>\n
Veri \u00f6nceki ayla ayn\u0131 geldi. B\u00f6ylece y\u0131ll\u0131k bazda negatif oranlar serisi s\u00fcrm\u00fc\u015f oldu.<\/p>\n
\u00dcretici ve ithalat fiyatlar\u0131, \u0130svi\u00e7re\u2019de \u00fcretilen mallar\u0131n ve yurt d\u0131\u015f\u0131ndan getirilen \u00fcr\u00fcnlerin fiyat de\u011fi\u015fimlerini izler. Bu g\u00f6sterge, tedarik zincirinin erken a\u015famalar\u0131ndaki fiyat bask\u0131s\u0131n\u0131 (maliyetlerin \u00fcretici ve ithalat\u00e7\u0131 taraf\u0131nda art\u0131p artmad\u0131\u011f\u0131n\u0131) anlamak i\u00e7in kullan\u0131l\u0131r.<\/p>\n
Mart ay\u0131ndaki %-2,7\u2019lik de\u011fi\u015fmeyen veri, \u0130svi\u00e7re ekonomisinde fiyat art\u0131\u015f h\u0131z\u0131n\u0131n d\u00fc\u015f\u00fc\u015f\u00fcn\u00fcn (enflasyonun yava\u015flamas\u0131) kal\u0131c\u0131la\u015ft\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu yeni bir durum de\u011fil; s\u00fcren bir e\u011filimin devam\u0131. Bu tablo, \u0130svi\u00e7re Merkez Bankas\u0131\u2019n\u0131n (SNB) faiz art\u0131rmak yerine d\u00fc\u015f\u00fck faiz politikas\u0131n\u0131 s\u00fcrd\u00fcrme e\u011filimini (g\u00fcvercin duru\u015f: b\u00fcy\u00fcmeyi desteklemek i\u00e7in daha d\u00fc\u015f\u00fck faizlere yak\u0131n durmak) g\u00fc\u00e7lendiriyor.<\/p>\n
\u00c7ekirdek t\u00fcketici enflasyonu (enerji ve g\u0131da gibi oynak kalemler \u00e7\u0131kar\u0131larak hesaplanan enflasyon) Mart 2026\u2019da yaln\u0131zca %0,6 ile s\u0131n\u0131rl\u0131 pozitif b\u00f6lgede. SNB\u2019nin daha \u00f6nce 2025 sonunda faizleri erken indirmi\u015f olmas\u0131 dikkate al\u0131nd\u0131\u011f\u0131nda, bu s\u00fcregelen fiyat zay\u0131fl\u0131\u011f\u0131 Haziran toplant\u0131s\u0131nda yeni bir faiz indirimi olas\u0131l\u0131\u011f\u0131n\u0131 art\u0131r\u0131yor. Bu nedenle, k\u0131sa vadeli faizlerin d\u00fc\u015fmesini hedefleyen t\u00fcrev \u00fcr\u00fcnlerde (de\u011feri ba\u015fka bir varl\u0131\u011fa\/faize ba\u011fl\u0131 s\u00f6zle\u015fmeler) pozisyon almak\u2014\u00f6rne\u011fin \u0130svi\u00e7re frang\u0131 faiz swaplar\u0131nda (taraflar\u0131n sabit ve de\u011fi\u015fken faiz \u00f6demelerini takas etti\u011fi s\u00f6zle\u015fme) sabit faizi \u201calma\u201d y\u00f6n\u00fcnde i\u015flem yapmak\u2014makul bir strateji olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n
Bu politika ayr\u0131\u015fmas\u0131, \u0130svi\u00e7re frang\u0131n\u0131 di\u011fer para birimlerine kar\u015f\u0131 \u201cshort\u201d i\u00e7in (d\u00fc\u015f\u00fc\u015f beklentisiyle sat\u0131\u015f y\u00f6nl\u00fc pozisyon) daha cazip k\u0131l\u0131yor. \u00d6rne\u011fin Avrupa Merkez Bankas\u0131 faizleri sabit tutarken Euro B\u00f6lgesi enflasyonu %2,3 ile y\u00fcksek seyrediyor. Bu durum, \u00f6n\u00fcm\u00fczdeki haftalarda EUR\/CHF\u2019de uzun pozisyonlar\u0131 \u00f6ne \u00e7\u0131karabilir. A\u015fa\u011f\u0131 y\u00f6nl\u00fc riski s\u0131n\u0131rlamak i\u00e7in al\u0131m opsiyonu (call: belirli bir fiyattan alma hakk\u0131) kullan\u0131m\u0131 da tercih edilebilir.<\/p>\n
\u0130svi\u00e7re hisseleri a\u00e7\u0131s\u0131ndan bu haber olumlu. Daha zay\u0131f frank, Swiss Market Index\u2019i (SMI: \u0130svi\u00e7re borsas\u0131n\u0131n \u00f6nde gelen \u015firketlerini i\u00e7eren ana endeks) a\u011f\u0131rl\u0131kla olu\u015fturan \u00e7ok uluslu ihracat\u00e7\u0131lar\u0131n yurt d\u0131\u015f\u0131 gelirlerini destekler. Zay\u0131f para birimi ve d\u00fc\u015f\u00fck bor\u00e7lanma maliyetlerinin s\u00fcrmesi beklentisi, SMI i\u00e7in destekleyici bir r\u00fczg\u00e2r yaratabilir; bu da endeks vadeli kontratlar\u0131nda (futures: gelecekte belirli fiyattan al\u0131m-sat\u0131m taahh\u00fcd\u00fc) uzun pozisyonu mant\u0131kl\u0131 hale getirir.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u0130svi\u00e7re\u2019de \u00fcretici-ithalat fiyatlar\u0131 Mart\u2019ta y\u0131ll\u0131k %-2,7 ile de\u011fi\u015fmedi: dezenflasyon kal\u0131c\u0131. Bu tablo SNB\u2019yi g\u00fcvercin tutup Haziran\u2019da indirim kap\u0131s\u0131n\u0131 a\u00e7\u0131yor; swap, EUR\/CHF long ve SMI long \u00f6ne \u00e7\u0131k\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-44759","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\/44759","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=44759"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44759\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}